Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 26, 2016 | |
Document Document And Entity Information [Abstract] | ||
Entity Registrant Name | WESTERN ALLIANCE BANCORPORATION | |
Entity Central Index Key | 1,212,545 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Trading Symbol | WAL | |
Entity Common Stock, Shares Outstanding | 105,069,893 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Cash and due from banks | $ 180,752 | $ 133,709 |
Interest-bearing deposits in other financial institutions | 175,331 | 90,931 |
Cash and cash equivalents | 356,083 | 224,640 |
Money market investments | 247 | 122 |
Investment securities - measured at fair value; amortized cost of $1,208 at September 30, 2016 and $1,389 at December 31, 2015 | 1,279 | 1,481 |
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 2,659,182 | 1,982,523 |
Investment securities - HTM, at amortized cost; fair value of $55,717 at September 30, 2016 and $0 at December 31, 2015 | 52,421 | 0 |
Investments in restricted stock, at cost | 65,013 | 58,111 |
Loans - HFS | 21,337 | 23,809 |
Loans: | ||
Loans - HFI, net of deferred loan fees and costs | 13,012,262 | 11,112,854 |
Less: allowance for credit losses | (122,884) | (119,068) |
Net loans held for investment | 12,889,378 | 10,993,786 |
Premises and equipment, net | 121,274 | 118,535 |
Other assets acquired through foreclosure, net | 49,619 | 43,942 |
Bank owned life insurance | 163,605 | 162,458 |
Goodwill | 289,967 | 289,638 |
Other intangible assets, net | 13,625 | 15,716 |
Deferred tax assets, net | 72,720 | 86,352 |
Other assets | 286,852 | 273,976 |
Total assets | 17,042,602 | 14,275,089 |
Deposits: | ||
Non-interest-bearing demand | 5,624,816 | 4,093,976 |
Interest-bearing | 8,818,344 | 7,936,648 |
Total deposits | 14,443,160 | 12,030,624 |
Customer repurchase agreements | 44,372 | 38,155 |
Other borrowings | 0 | 150,000 |
Qualifying debt | 382,932 | 210,328 |
Other liabilities | 314,784 | 254,480 |
Total liabilities | 15,185,248 | 12,683,587 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock - par value $0.0001; 200,000,000 authorized; 106,367,895 shares issued at September 30, 2016 and 104,082,230 at December 31, 2015 | 10 | 10 |
Additional paid in capital | 1,394,526 | 1,323,473 |
Treasury stock, at cost (1,296,681 shares at September 30, 2016 and 995,186 shares at December 31, 2015) | (26,210) | (16,879) |
Accumulated other comprehensive income | 36,392 | 22,260 |
Retained earnings | 452,636 | 262,638 |
Total stockholders’ equity | 1,857,354 | 1,591,502 |
Total liabilities and stockholders’ equity | $ 17,042,602 | $ 14,275,089 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Amortized cost of investment securities | $ 1,208 | $ 1,389 |
Amortized cost of investment securities available for sale | 2,617,028 | 1,966,034 |
Fair value of HTM investment securities | $ 55,717 | $ 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 106,367,895 | 104,082,230 |
Treasury stock (shares) | 1,296,681 | 995,186 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and dividend income: | ||||
Loans, including fees | $ 167,914 | $ 133,087 | $ 467,715 | $ 338,946 |
Investment securities | 13,797 | 10,559 | 37,278 | 27,075 |
Dividends | 2,209 | 2,542 | 6,217 | 7,629 |
Other | 830 | 45 | 1,885 | 163 |
Total interest income | 184,750 | 146,233 | 513,095 | 373,813 |
Interest expense: | ||||
Deposits | 8,072 | 5,550 | 21,993 | 16,058 |
Qualifying debt | 4,048 | 2,008 | 8,746 | 2,900 |
Other borrowings | 68 | 1,246 | 366 | 5,558 |
Other | 15 | 22 | 46 | 64 |
Total interest expense | 12,203 | 8,826 | 31,151 | 24,580 |
Net interest income | 172,547 | 137,407 | 481,944 | 349,233 |
Provision for credit losses | 2,000 | 0 | 7,000 | 700 |
Net interest income after provision for credit losses | 170,547 | 137,407 | 474,944 | 348,533 |
Non-interest income: | ||||
Service charges and fees | 4,877 | 4,327 | 13,849 | 10,344 |
SBA / warrant income | 1,457 | 846 | 2,828 | 846 |
Card income | 1,177 | 954 | 3,268 | 2,666 |
Income from bank owned life insurance | 899 | 984 | 2,858 | 2,733 |
Lending related income and gains (losses) on sale of loans, net | 459 | (314) | 3,282 | 5 |
Gain (loss) on sales of investment securities, net | 0 | (62) | 1,001 | 582 |
Other income | 1,814 | 1,767 | 5,289 | 3,113 |
Total non-interest income | 10,683 | 8,502 | 32,375 | 20,289 |
Non-interest expense: | ||||
Salaries and employee benefits | 49,542 | 43,660 | 139,108 | 108,607 |
Occupancy | 6,856 | 5,915 | 20,359 | 15,677 |
Data processing | 6,077 | 4,338 | 16,506 | 10,147 |
Legal, professional, and directors' fees | 5,691 | 4,052 | 17,010 | 12,658 |
Insurance | 3,144 | 3,375 | 9,430 | 7,739 |
Marketing | 678 | 747 | 2,432 | 1,587 |
Loan and repossessed asset expenses | 788 | 1,099 | 2,522 | 3,473 |
Card expense | 536 | 757 | 2,247 | 1,844 |
Intangible amortization | 697 | 704 | 2,091 | 1,266 |
Net (gain) loss on sales / valuations of repossessed and other assets | (146) | (104) | (91) | (1,673) |
Acquisition / restructure expense | 2,729 | 835 | 6,391 | 8,836 |
Other expense | 8,415 | 7,538 | 24,299 | 17,997 |
Total non-interest expense | 85,007 | 72,916 | 242,304 | 188,158 |
Income before provision for income taxes | 96,223 | 72,993 | 265,015 | 180,664 |
Income tax expense | 29,171 | 17,133 | 75,017 | 44,946 |
Net income | 67,052 | 55,860 | 189,998 | 135,718 |
Dividends on preferred stock | 0 | 176 | 0 | 599 |
Net income available to common stockholders | $ 67,052 | $ 55,684 | $ 189,998 | $ 135,119 |
Earnings per share available to common stockholders: | ||||
Basic (in dollars per share) | $ 0.65 | $ 0.55 | $ 1.85 | $ 1.46 |
Diluted (in dollars per share) | $ 0.64 | $ 0.55 | $ 1.84 | $ 1.45 |
Weighted average number of common shares outstanding: | ||||
Basic (shares) | 103,768 | 100,776 | 102,791 | 92,345 |
Diluted (shares) | 104,564 | 101,520 | 103,532 | 92,932 |
Dividends declared per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 67,052 | $ 55,860 | $ 189,998 | $ 135,718 |
Other comprehensive (loss) income, net: | ||||
Unrealized (loss) gain on AFS securities, net of tax effect of $4,671, $(3,437), $(7,837) and $(2,579), respectively | (7,415) | 5,486 | 16,316 | 4,261 |
Unrealized gain (loss) on SERP, net of tax effect of $(4), $143, $(10) and $(63), respectively | 6 | (229) | 18 | 108 |
Unrealized (loss) gain on junior subordinated debt, net of tax effect of $1,779, $(2,051), $896 and $1,044, respectively | (2,825) | 3,274 | (1,491) | (1,676) |
Realized (gain) loss on sale of AFS securities included in income, net of tax effect of $0, $(24), $290 and $217, respectively | 0 | 38 | (711) | (365) |
Net other comprehensive (loss) income | (10,234) | 8,569 | 14,132 | 2,328 |
Comprehensive income | $ 56,818 | $ 64,429 | $ 204,130 | $ 138,046 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain on securities available-for-sale securities, tax | $ 4,671 | $ (3,437) | $ (7,837) | $ (2,579) |
Unrealized gain on SERP, tax | (4) | 143 | (10) | (63) |
Unrealized gain on junior subordinated debt, tax | 896 | 1,044 | ||
Realized gain on sale of securities, tax | $ 0 | $ (24) | $ 290 | $ 217 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | |
Beginning balance at Dec. 31, 2014 | [1] | $ 1,000,928 | $ 70,500 | $ 9 | $ 837,603 | $ (9,276) | $ 32,948 | $ 69,144 |
Beginning balance, shares at Dec. 31, 2014 | [1] | 71,000 | 88,691,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 135,718 | 135,718 | ||||||
Exercise of stock options | 1,738 | 1,738 | ||||||
Exercise of stock options, shares | 166,000 | |||||||
Restricted stock, performance stock units, and other grants, net | 19,993 | 19,993 | ||||||
Restricted stock, performance stock units, and other grants, net, shares | 451,000 | |||||||
Restricted stock surrendered | $ (7,440) | (7,440) | ||||||
Restricted stock surrendered (shares) | (270,126) | 0 | ||||||
Issuance of common stock | [2] | $ 431,031 | $ 1 | 431,030 | ||||
Issuance of common stock, shares | [2] | 12,997,000 | ||||||
Dividends on preferred stock | (599) | (599) | ||||||
Net other comprehensive income (loss), net | 2,328 | 2,328 | ||||||
Ending balance at Sep. 30, 2015 | 1,583,697 | $ 70,500 | $ 10 | 1,290,364 | (16,716) | 35,276 | 204,263 | |
Ending balance, shares at Sep. 30, 2015 | 71,000 | 102,305,000 | ||||||
Beginning balance at Dec. 31, 2015 | 1,591,502 | $ 0 | $ 10 | 1,323,473 | (16,879) | 22,260 | 262,638 | |
Beginning balance, shares at Dec. 31, 2015 | 0 | 103,087,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 189,998 | 189,998 | ||||||
Exercise of stock options | 755 | 755 | ||||||
Exercise of stock options, shares | 62,000 | |||||||
Restricted stock, performance stock units, and other grants, net | 14,513 | 14,513 | ||||||
Restricted stock, performance stock units, and other grants, net, shares | 673,000 | |||||||
Restricted stock surrendered | $ (9,331) | (9,331) | ||||||
Restricted stock surrendered (shares) | (301,495) | (301,000) | ||||||
Issuance of common stock | $ 55,785 | 55,785 | ||||||
Issuance of common stock, shares | 1,550,000 | |||||||
Net other comprehensive income (loss), net | 14,132 | 14,132 | ||||||
Ending balance at Sep. 30, 2016 | $ 1,857,354 | $ 0 | $ 10 | $ 1,394,526 | $ (26,210) | $ 36,392 | $ 452,636 | |
Ending balance, shares at Sep. 30, 2016 | 0 | 105,071,000 | ||||||
[1] | As adjusted, see Treasury Shares section in "Note 1. Summary of Significant Accounting Policies" for further discussion. | |||||||
[2] | Includes value of certain share-based awards replaced in connection with the acquisition. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ (189,998) | $ (135,718) |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision for credit losses | 7,000 | 700 |
Depreciation and amortization | 9,272 | 6,039 |
Stock-based compensation | 15,039 | 13,288 |
Excess tax benefit of stock-based compensation | (4,064) | (5,660) |
Deferred income taxes | 4,191 | (4,122) |
Amortization of net premiums for investment securities | 9,659 | 6,815 |
Accretion and amortization of fair market value adjustments on loans acquired from business combinations | (22,278) | (12,151) |
Accretion and amortization of fair market value adjustments on other assets and liabilities acquired from business combinations, net | 2,323 | 955 |
Income from bank owned life insurance | (2,858) | (2,733) |
(Gains) / Losses on: | ||
Sales of investment securities | (1,001) | (582) |
Sale of loans | (2,258) | (387) |
Extinguishment of debt | 0 | 81 |
Other assets acquired through foreclosure, net | 304 | (2,585) |
Valuation adjustments of other repossessed assets, net | (127) | 931 |
Sale of premises, equipment, and other assets, net | (268) | (19) |
Changes in: | ||
Other assets | 20,498 | (2,898) |
Other liabilities | (10,948) | 11,198 |
Net cash provided by operating activities | 214,482 | 144,588 |
Investment securities - measured at fair value | ||
Principal pay downs and maturities | 256 | 301 |
Investment securities - AFS | ||
Purchases | (1,017,250) | (661,417) |
Principal pay downs and maturities | 323,426 | 181,286 |
Proceeds from sales | 34,304 | 129,323 |
Investment securities - HTM | ||
Purchases | (52,607) | 0 |
Purchase of investment tax credits | (23,672) | (17,583) |
(Purchase) sale of money market investments, net | (126) | (636) |
Proceeds from bank owned life insurance | 1,710 | 382 |
(Purchase) liquidation of restricted stock | (6,902) | (25,695) |
Loan fundings and principal collections, net | (551,931) | (943,775) |
Purchase of premises, equipment, and other assets, net | (9,324) | (11,860) |
Proceeds from sale of other real estate owned and repossessed assets, net | 6,034 | 30,062 |
Cash and cash equivalents (used) acquired in acquisitions, net | (1,272,187) | 342,427 |
Net cash used in investing activities | (2,568,269) | (977,185) |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 2,412,537 | 937,514 |
Proceeds from issuance of subordinated debt | 169,268 | 148,211 |
Net (decrease) increase in borrowings | (143,784) | (91,966) |
Proceeds from exercise of common stock options | 755 | 1,738 |
Cash paid for tax withholding on vested restricted stock | (9,331) | (6,947) |
Excess tax benefit of stock-based compensation | 0 | 5,660 |
Cash dividends paid on preferred stock | 0 | (599) |
Proceeds from issuance of stock in offerings, net | 55,785 | 0 |
Net cash provided by financing activities | 2,485,230 | 993,611 |
Net increase in cash and cash equivalents | 131,443 | 161,014 |
Cash and cash equivalents at beginning of period | 224,640 | 164,396 |
Cash and cash equivalents at end of period | 356,083 | 325,410 |
Cash paid during the period for: | ||
Interest | 35,056 | 25,572 |
Income tax payments | 46,863 | 21,047 |
Non-cash investing and financing activity: | ||
Transfers to other assets acquired through foreclosure, net | 11,888 | 27,570 |
Change in unfunded investment tax credits and SBIC commitments | 31,602 | 4,652 |
Non-cash assets acquired in acquisition | 1,284,557 | 1,587,626 |
Non-cash liabilities acquired in acquisition | 12,559 | 1,765,146 |
Change in unrealized gain (loss) on AFS securities, net of tax | 15,605 | 3,896 |
Change in unrealized gain (loss) on TRUP securities, net of tax | (1,491) | (1,676) |
Change in unfunded obligations | $ (19,236) | $ (2,507) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operation WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of deposit, lending, treasury management, international banking, and online banking products and services through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA, BON, FIB, Bridge, and TPB. The Company also serves business customers through a national platform of specialized financial services including AAB, Corporate Finance, Equity Fund Resources, HFF, Life Sciences Group, Mortgage Warehouse Lending, Public and Nonprofit Finance, Renewable Resource Group, Resort Finance, and Technology Finance. In addition, the Company has one non-bank subsidiary, LVSP, which holds and manages certain non-performing loans and OREO. Basis of presentation The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the Unaudited Consolidated Financial Statements. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Unaudited Consolidated Financial Statements and related notes. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; estimated cash flows related to PCI loans; fair value determinations related to acquisitions and other assets and liabilities carried at fair value; and accounting for income taxes. Principles of consolidation As of September 30, 2016 , WAL has ten wholly-owned subsidiaries: WAB, LVSP, and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities. The Bank has the following significant wholly-owned subsidiaries: WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc., which hold certain investment securities, municipal and nonprofit loans, and leases; and BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities. The Company does not have any other significant entities that should be considered for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Consolidated Financial Statements as of December 31, 2015 and for the three and nine months ended September 30, 2015 have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. Interim financial information The accompanying Unaudited Consolidated Financial Statements as of and for the three and nine months ended September 30, 2016 and 2015 have been prepared in condensed format and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. These statements have been prepared on a basis that is substantially consistent with the accounting principles applied to the Company's audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the Company's audited Consolidated Financial Statements Business combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill during the measurement period and are recognized in the reporting period in which the adjustment amounts are determined. Results of operations of an acquired business are included in the Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. Investment securities Investment securities may be classified as HTM, AFS, or measured at fair value. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities that the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or general economic conditions. These securities are carried at amortized cost. The sale of a security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. In May 2014, management reassessed its intent to hold certain CDOs classified as HTM, which necessitated a reclassification of all of the Company's HTM securities to AFS at the date of the transfer. As an extended period of time has passed since this reclassification was made, beginning in 2016, management believes that the Company is again able to assert that it has both the intent and ability to hold certain securities classified as HTM to maturity. See " Note 2. Investment Securities " of these Notes to Unaudited Consolidated Financial Statements for additional detail related to HTM securities. Securities classified as AFS or trading securities measured at fair value are reported as an asset in the Consolidated Balance Sheet at their estimated fair value. As the fair value of AFS securities changes, the changes are reported net of income tax as an element of OCI, except for other-than-temporarily-impaired securities. When AFS securities are sold, the unrealized gain or loss is reclassified from OCI to non-interest income. The changes in the fair values of trading securities are reported in non-interest income. Securities classified as AFS are both equity and debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. Interest income is recognized based on the coupon rate and increased by accretion of discounts earned or decreased by the amortization of premiums paid over the contractual life of the security, adjusted for prepayment estimates, using the interest method. In estimating whether there are any OTTI losses, management considers the 1) length of time and the extent to which the fair value has been less than amortized cost; 2) financial condition and near term prospects of the issuer; 3) impact of changes in market interest rates; and 4) intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value and whether it is not more likely than not the Company would be required to sell the security. Declines in the fair value of individual AFS debt securities that are deemed to be other-than-temporary are reflected in earnings when identified. The fair value of the debt security then becomes the new cost basis. For individual debt securities where the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in fair value of the debt security related to 1) credit loss is recognized in earnings; and 2) interest rate, market, or other factors is recognized in other comprehensive income or loss. For individual debt securities where the Company either intends to sell the security or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security's cost basis and its fair value at the balance sheet date. For individual debt securities for which a credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. Restricted stock On January 30, 2015, WAB became a member of the Federal Reserve System and, as part of its membership, is required to maintain stock in the FRB in a specified ratio to its capital. In addition, WAB is a member of the FHLB system and, accordingly, maintains an investment in capital stock of the FHLB based on the borrowing capacity used. The Bank also maintains an investment in its primary correspondent bank. All of these investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. The dividend income received from the stock is reported in interest income. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. No impairment has been recorded to date. Loans, held for sale Loans, held for sale consist primarily of SBA and CRE loans that the Company originates (or acquires) and intends to sell. These loans are carried at the lower of aggregate cost or fair value. Fair value is determined based on available market data for similar assets, expected cash flows, and appraisals of underlying collateral or the credit quality of the borrower. Gains and losses on the sale of loans are recognized pursuant to ASC 860, Transfers and Servicing . Interest income of these loans is accrued daily and loan origination fees and costs are deferred and included in the cost basis of the loan. The Company issues various representations and warranties associated with these loan sales. The Company has not experienced any losses as a result of these representations and warranties. Loans, held for investment The Company generally holds loans for investment and has the intent and ability to hold loans until their maturity. Therefore, they are reported at book value. Net loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, purchase accounting fair value adjustments, and an allowance for credit losses. In addition, the book value of loans that are subject to a fair value hedge is adjusted for changes in value attributable to the effective portion of the hedged benchmark interest rate risk. The Company may also acquire loans through a business combination. These acquired loans are recorded at estimated fair value on the date of purchase, which is comprised of unpaid principal adjusted for estimated credit losses and interest rate fair value adjustments. Loans are evaluated individually to determine if there has been credit deterioration since origination. Such loans may then be aggregated and accounted for as a pool of loans based on common characteristics. When the Company acquires such loans, the yield that may be accreted (accretable yield) is limited to the excess of the Company’s estimate of undiscounted cash flows expected to be collected over the Company’s initial investment in the loan. The excess of contractual cash flows over the cash flows expected to be collected may not be recognized as an adjustment to yield, loss, or a valuation allowance. Subsequent increases in cash flows expected to be collected generally are recognized prospectively through adjustment of the loan’s yield over the remaining life. Subsequent decreases to cash flows expected to be collected are recognized as impairment. The Company may not carry over or create a valuation allowance in the initial accounting for loans acquired under these circumstances. For purchased loans that are not deemed impaired, fair value adjustments attributable to both credit and interest rates are accreted (or amortized) over the contractual life of the individual loan. For additional information, see " Note 3. Loans, Leases and Allowance for Credit Losses " of these Notes to Unaudited Consolidated Financial Statements. Loan fees collected for the origination of loans less direct loan origination costs (net deferred loan fees) are amortized over the contractual life of the loan through interest income. If the loan has scheduled payments, the amortization of the net deferred loan fee is calculated using the interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. When loans are repaid, any remaining unamortized balances of premiums, discounts, or net deferred fees are recognized as interest income. Non-accrual loans: For all loan types except credit cards, when a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. The Company ceases accruing interest income when the loan has become delinquent by more than 90 days or when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days delinquent. For all loan types, when a loan is placed on non-accrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed and, the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company recognizes income on a cash basis only for those non-accrual loans for which the collection of the remaining principal balance is not in doubt. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Impaired loans: A loan is identified as impaired when it is no longer probable that interest and principal will be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as non-accrual. However, in certain instances, impaired loans may continue on an accrual basis, if full repayment of all principal and interest is expected and the loan is both well secured and in the process of collection. Impaired loans are measured for reserve requirements in accordance with ASC 310, Receivables, based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral less applicable disposition costs if the loan is collateral dependent. The amount of an impairment reserve, if any, and any subsequent changes are recorded as a provision for credit losses. Losses are recorded as a charge-off when losses are confirmed. In addition to management's internal loan review process, regulators may from time to time direct the Company to modify loan grades, loan impairment calculations, or loan impairment methodology. Troubled Debt Restructured Loans : A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. A TDR loan is also considered impaired. A TDR loan may be returned to accrual status when the loan is brought current, has performed in accordance with the contractual restructured terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual restructured principal and interest is no longer in doubt. However, such loans continue to be considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. Allowance for credit losses Credit risk is inherent in the business of extending loans and leases to borrowers, for which the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses recorded to expense. Loans are charged against the allowance for credit losses when management believes that the contractual principal or interest will not be collected. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount believed adequate to absorb estimated probable losses on existing loans that may become uncollectable, based on evaluation of the collectability of loans and prior credit loss experience, together with other factors. The Company formally re-evaluates and establishes the appropriate level of the allowance for credit losses on a quarterly basis. The allowance consists of specific and general components. The specific allowance applies to impaired loans. For impaired collateral dependent loans, the reserve is calculated based on the collateral value, net of estimated disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The general allowance covers all non-impaired loans and is based on historical loss experience adjusted for various qualitative and quantitative factors listed below. The Company’s allowance for credit loss methodology incorporates several quantitative and qualitative risk factors used to establish the appropriate allowance for credit losses at each reporting date. Quantitative factors include: 1) the Company's historical loss experience; 2) levels of and trends in delinquencies and impaired loans; 3) levels of and trends in charge-offs and recoveries; 4) trends in volume and terms of loans; 5) changes in underwriting standards or lending policies; 6) experience, ability, depth of lending staff; 7) national and local economic trends and conditions; 8) changes in credit concentrations; 9) out-of-market exposures; 10) changes in quality of loan review system; and 11) changes in the value of underlying collateral. An internal ten -year loss history is also incorporated into the allowance calculation model. Due to the credit concentration of the Company's loan portfolio in real estate secured loans, the value of collateral is heavily dependent on real estate values in Nevada, Arizona, and California. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic or other conditions. In addition, regulators, as an integral part of their examination processes, periodically review the Bank's allowance for credit losses, and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examination. Management regularly reviews the assumptions and formulae used in determining the allowance and makes adjustments if required to reflect the current risk profile of the portfolio. Other assets acquired through foreclosure Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets (primarily repossessed assets formerly leased) are classified as OREO and other repossessed property and are initially reported at fair value of the asset less estimated selling costs. Subsequent adjustments are based on the lower of carrying value or fair value less estimated costs to sell the property. Costs related to the development or improvement of the assets are capitalized and costs related to holding the assets are charged to non-interest expense. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances. Goodwill and other intangible assets The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. During the three and nine months ended September 30, 2016 and 2015 , there were no events or circumstances that indicated that an interim impairment test of goodwill or other intangible assets was necessary. Treasury Shares Effective January 1, 2016, the Company has separately presented treasury shares, which represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. Prior period amounts have been adjusted to reflect this new presentation, with no change to total stockholders' equity. Treasury shares are carried at cost. Derivative financial instruments The Company uses interest-rate swaps to mitigate interest-rate risk associated with changes to 1) the fair value of certain fixed-rate financial instruments (fair value hedges) and 2) certain cash flows related to future interest payments on variable rate financial instruments (cash flow hedges). The Company recognizes derivatives as assets or liabilities in the Consolidated Balance Sheet at their fair value in accordance with ASC 815, Derivatives and Hedging . The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. On the date the derivative contract is entered into, the Company designates the derivative as a fair value hedge or cash flow hedge. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk are recorded in current-period earnings. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a cash flow hedge is recognized immediately in non-interest income in the Consolidated Income Statement. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Both at inception and at least quarterly thereafter, the Company assesses whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in either the fair value or cash flows of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation that the hedge will remain effective prospectively. The Company discontinues hedge accounting prospectively when it is determined that a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the Consolidated Balance Sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. Derivative instruments that are not designated as hedges, so called free-standing derivatives, are reported in the Consolidated Balance Sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. The Company may in the normal course of business purchase a financial instrument or originate a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where the host contract is measured at fair value, with changes in fair value reported in current earnings, or the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried in the Consolidated Balance Sheet at fair value and is not designated as a hedging instrument. Income taxes The Company is subject to income taxes in the United States and files a consolidated federal income tax return with all of its subsidiaries, with the exception of BW Real Estate, Inc. Deferred income taxes are recorded to reflect the effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and their income tax bases using enacted tax rates that are expected to be in effect when the taxes are actually paid or recovered. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Net deferred tax assets are recorded to the extent that these assets will more-likely-than-not be realized. In making these determinations, all available positive and negative evidence is considered, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income, and recent operating results. If it is determined that deferred income tax assets to be realized in the future are in excess of their net recorded amount, an adjustment to the valuation allowance will be recorded, which will reduce the Company's provision for income taxes. A tax benefit from an unrecognized tax benefit may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including related appeals or litigation, based on technical merits. Income tax benefits must meet a more-likely-than-not recognition threshold at the effective date to be recognized. Interest and penalties related to unrecognized tax benefits are recognized as part of the provision for income taxes in the Consolidated Income Statement. Accrued interest and penalties are included in the related tax liability line with other liabilities in the Consolidated Balance Sheet. Off-balance sheet instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Financial Statements when they are funded. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheet. Losses would be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. As with outstanding loans, the Company applies qualitative factors and utilization rates to its off-balance sheet obligations in determining an estimate of losses inherent in these contractual obligations. The estimate for credit losses |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 2. INVESTMENT SECURITIES The carrying amounts and fair values of investment securities at September 30, 2016 and December 31, 2015 are summarized as follows: September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (in thousands) Held-to-maturity Tax-exempt bonds $ 52,421 $ 3,296 $ — $ 55,717 Available-for-sale Collateralized debt obligations $ 50 $ 10,502 $ — $ 10,552 Commercial MBS issued by GSEs 126,814 422 (641 ) 126,595 Corporate debt securities 25,062 566 — 25,628 CRA investments 37,471 282 — 37,753 Municipal obligations 387,250 17,525 (1,358 ) 403,417 Preferred stock 104,621 5,886 (28 ) 110,479 Private label residential MBS 461,066 2,896 (871 ) 463,091 Residential MBS issued by GSEs 1,381,198 15,813 (1,326 ) 1,395,685 Trust preferred securities 32,000 — (7,555 ) 24,445 U.S. government sponsored agency securities 59,000 81 (80 ) 59,001 U.S. treasury securities 2,496 40 — 2,536 Total AFS securities $ 2,617,028 $ 54,013 $ (11,859 ) $ 2,659,182 Securities measured at fair value Residential MBS issued by GSEs $ 1,279 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (in thousands) Available-for-sale Collateralized debt obligations $ 50 $ 10,059 $ (49 ) $ 10,060 Commercial MBS issued by GSEs 19,147 72 (105 ) 19,114 Corporate debt securities 12,769 482 — 13,251 CRA investments 34,722 — (37 ) 34,685 Municipal obligations 320,087 14,743 — 334,830 Preferred stock 108,417 4,286 (1,467 ) 111,236 Private label commercial MBS 4,685 6 — 4,691 Private label residential MBS 261,530 5 (4,407 ) 257,128 Residential MBS issued by GSEs 1,169,631 5,254 (4,664 ) 1,170,221 Trust preferred securities 32,000 — (7,686 ) 24,314 U.S. treasury securities 2,996 — (3 ) 2,993 Total AFS securities $ 1,966,034 $ 34,907 $ (18,418 ) $ 1,982,523 Securities measured at fair value Residential MBS issued by GSEs $ 1,481 For additional information on the fair value changes of securities measured at fair value, see the trading securities table in " Note 13. Fair Value Accounting " of these Notes to Unaudited Consolidated Financial Statements. The Company conducts an OTTI analysis on a quarterly basis. The initial indication of OTTI for both debt and equity securities is a decline in the market value below the amount recorded for an investment, and taking into account the severity and duration of the decline. Another potential indication of OTTI is a downgrade below investment grade. In determining whether an impairment is OTTI, the Company considers the length of time and the extent to which the market value has been below cost, recent events specific to the issuer, including investment downgrades by rating agencies and economic conditions of its industry, and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. For marketable equity securities, the Company also considers the issuer’s financial condition, capital strength, and near-term prospects. For debt securities, for the purpose of an OTTI analysis, the Company also considers the cause of the price decline (general level of interest rates, credit spreads, and industry and issuer-specific factors), the issuer’s financial condition, near-term prospects, and current ability to make future payments in a timely manner, as well as the issuer’s ability to service debt, and any change in agencies’ ratings at the evaluation date from the acquisition date and any likely imminent action. The Company has reviewed securities for which there is an unrealized loss in accordance with its accounting policy for OTTI described above and determined that there were no impairment charges for the three and nine months ended September 30, 2016 and 2015 . The Company does not consider any securities to be other-than-temporarily impaired as of September 30, 2016 and December 31, 2015 . No assurance can be made that OTTI will not occur in future periods. Information pertaining to securities with gross unrealized losses at September 30, 2016 and December 31, 2015 , aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: September 30, 2016 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (in thousands) Available-for-sale Commercial MBS issued by GSEs $ 641 $ 82,249 $ — $ — $ 641 $ 82,249 Municipal obligations 1,358 75,042 — — 1,358 75,042 Preferred stock 9 5,880 19 1,504 28 7,384 Private label residential MBS 741 152,364 130 19,412 871 171,776 Residential MBS issued by GSEs 1,259 248,285 67 5,875 1,326 254,160 Trust preferred securities — — 7,555 24,445 7,555 24,445 U.S. government sponsored agency securities 80 14,920 — — 80 14,920 Total AFS securities $ 4,088 $ 578,740 $ 7,771 $ 51,236 $ 11,859 $ 629,976 December 31, 2015 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (in thousands) Available-for-sale Collateralized debt obligations $ 49 $ 1 $ — $ — $ 49 $ 1 Commercial MBS issued by GSEs 105 17,051 — — 105 17,051 CRA investments 37 24,729 — — 37 24,729 Preferred stock 377 10,542 1,090 14,761 1,467 25,303 Private label residential MBS 3,733 226,720 674 30,372 4,407 257,092 Residential MBS issued by GSEs 3,566 536,515 1,098 38,338 4,664 574,853 Trust preferred securities — — 7,686 24,314 7,686 24,314 U.S. treasury securities 3 2,006 — — 3 2,006 Total AFS securities $ 7,870 $ 817,564 $ 10,548 $ 107,785 $ 18,418 $ 925,349 At September 30, 2016 and December 31, 2015 , the Company’s unrealized losses relate primarily to interest rate fluctuations, credit spread widening, and reduced liquidity in applicable markets. The total number of securities in an unrealized loss position at September 30, 2016 was 78 , compared to 146 at December 31, 2015 . In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysis reports. Since material downgrades have not occurred and management does not intend to sell the debt securities in an unrealized loss position in the foreseeable future, none of the securities described in the above table or in this paragraph were deemed to be OTTI. The trust preferred securities have yields based on floating rate LIBOR, which are highly correlated to the federal funds rate and have been negatively affected by the low rate environment. This has resulted in unrealized losses for these securities. The table below shows the amortized cost and fair value of securities as of September 30, 2016 , by contractual maturities. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary. September 30, 2016 Amortized Cost Estimated Fair Value (in thousands) Held-to-maturity After five years through ten years $ 15,363 $ 15,508 After ten years 37,058 40,209 Total HTM securities $ 52,421 $ 55,717 Available-for-sale Due in one year or less $ 40,295 $ 40,695 After one year through five years 48,744 50,645 After five years through ten years 150,034 155,411 After ten years 408,877 427,060 Mortgage-backed securities 1,969,078 1,985,371 Total AFS securities $ 2,617,028 $ 2,659,182 The following tables summarize the carrying amount of the Company’s investment ratings position as of September 30, 2016 and December 31, 2015 : September 30, 2016 AAA Split-rated AAA/AA+ AA+ to AA- A+ to A- BBB+ to BBB- BB+ and below Unrated Totals (in thousands) Held-to-maturity Tax-exempt bonds $ — $ — $ — $ — $ — $ — $ 52,421 $ 52,421 Available-for-sale Collateralized debt obligations $ — $ — $ — $ — $ — $ 10,552 $ — $ 10,552 Commercial MBS issued by GSEs — 126,595 — — — — — 126,595 Corporate debt securities — — 5,628 — 20,000 — — 25,628 CRA investments — — — — — — 37,753 37,753 Municipal obligations 14,602 — 288,888 99,757 — 170 — 403,417 Preferred stock — — — — 76,664 15,510 18,305 110,479 Private label residential MBS 406,781 — 49,927 4,751 1,288 344 — 463,091 Residential MBS issued by GSEs — 1,395,685 — — — — — 1,395,685 Trust preferred securities — — — — 24,445 — — 24,445 U.S. government sponsored agency securities — 59,001 — — — — — 59,001 U.S. treasury securities — 2,536 — — — — — 2,536 Total AFS securities (1) $ 421,383 $ 1,583,817 $ 344,443 $ 104,508 $ 122,397 $ 26,576 $ 56,058 $ 2,659,182 Securities measured at fair value Residential MBS issued by GSEs $ — $ 1,279 $ — $ — $ — $ — $ — $ 1,279 (1) Where ratings differ, the Company uses the average of the ratings by S&P, Moody’s, and Fitch. December 31, 2015 AAA Split-rated AAA/AA+ AA+ to AA- A+ to A- BBB+ to BBB- BB+ and below Unrated Totals (in thousands) Available-for-sale Collateralized debt obligations $ — $ — $ — $ — $ — $ 10,060 $ — $ 10,060 Commercial MBS issued by GSEs — 19,114 — — — — — 19,114 Corporate debt securities — — 2,721 5,489 5,041 — — 13,251 CRA investments — — — — — — 34,685 34,685 Municipal obligations 7,949 — 180,460 131,110 6,243 180 8,888 334,830 Preferred stock — — — — 79,955 23,655 7,626 111,236 Private label commercial MBS 4,691 — — — — — — 4,691 Private label residential MBS 235,605 — 40 3,186 1,750 2,705 13,842 257,128 Residential MBS issued by GSEs — 1,170,221 — — — — — 1,170,221 Trust preferred securities — — — — 24,314 — — 24,314 U.S. treasury securities — 2,993 — — — — — 2,993 Total AFS securities (1) $ 248,245 $ 1,192,328 $ 183,221 $ 139,785 $ 117,303 $ 36,600 $ 65,041 $ 1,982,523 Securities measured at fair value Residential MBS issued by GSEs $ — $ 1,481 $ — $ — $ — $ — $ — $ 1,481 (1) Where ratings differ, the Company uses the average of the ratings by S&P, Moody’s, and Fitch. Securities with carrying amounts of approximately $854.1 million and $830.7 million at September 30, 2016 and December 31, 2015 , respectively, were pledged for various purposes as required or permitted by law. The following table presents gross gains and losses on sales of investment securities: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross gains $ — $ — $ 2,057 $ 1,103 Gross losses — (62 ) (1,056 ) (521 ) Net gains on sales of investment securities $ — $ (62 ) $ 1,001 $ 582 |
Loans, Leases and Allowance for
Loans, Leases and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans, Leases and Allowance for Credit Losses | 3. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES The composition of the Company’s held for investment loan portfolio is as follows: September 30, 2016 December 31, 2015 (in thousands) Commercial and industrial $ 5,603,605 $ 5,114,257 Commercial real estate - non-owner occupied 3,623,417 2,283,536 Commercial real estate - owner occupied 1,983,945 2,083,285 Construction and land development 1,379,735 1,133,439 Residential real estate 271,808 322,939 Commercial leases 111,361 148,493 Consumer 38,391 26,905 Loans, net of deferred loan fees and costs 13,012,262 11,112,854 Allowance for credit losses (122,884 ) (119,068 ) Total loans HFI $ 12,889,378 $ 10,993,786 Net deferred loan fees and costs as of September 30, 2016 and December 31, 2015 total $21.0 million and $19.2 million , respectively, which is a reduction in the carrying value of loans. Net unamortized discounts on loans total $6.6 million and $8.2 million as of September 30, 2016 and December 31, 2015 , respectively. Total loans held for investment are also net of interest rate and credit marks on acquired loans totaling $77.4 million and $40.5 million as of September 30, 2016 and December 31, 2015 , respectively, which is a reduction in the carrying value of acquired loans. As of September 30, 2016 and December 31, 2015 , the Company also had $21.3 million and $23.8 million of HFS loans, respectively. The following table presents the contractual aging of the recorded investment in past due loans held for investment by class of loans: September 30, 2016 Current 30-59 Days 60-89 Days Over 90 days Total Total (in thousands) Commercial real estate Owner occupied $ 1,978,680 $ 1,048 $ — $ 4,217 $ 5,265 $ 1,983,945 Non-owner occupied 3,406,304 1,135 — 2,106 3,241 3,409,545 Multi-family 213,872 — — — — 213,872 Commercial and industrial Commercial 5,582,418 9,290 2,539 9,358 21,187 5,603,605 Leases 110,993 330 — 38 368 111,361 Construction and land development Construction 913,299 1,625 — — 1,625 914,924 Land 463,528 — — 1,283 1,283 464,811 Residential real estate 262,495 149 4,095 5,069 9,313 271,808 Consumer 38,189 31 — 171 202 38,391 Total loans $ 12,969,778 $ 13,608 $ 6,634 $ 22,242 $ 42,484 $ 13,012,262 December 31, 2015 Current 30-59 Days 60-89 Days Over 90 days Total Total (in thousands) Commercial real estate Owner occupied $ 2,078,968 $ 445 $ 362 $ 3,510 $ 4,317 $ 2,083,285 Non-owner occupied 2,099,274 2,481 — 2,822 5,303 2,104,577 Multi-family 178,959 — — — — 178,959 Commercial and industrial Commercial 5,066,197 26,358 14,124 7,578 48,060 5,114,257 Leases 145,905 — — 2,588 2,588 148,493 Construction and land development Construction 694,527 — — — — 694,527 Land 438,495 — — 417 417 438,912 Residential real estate 317,677 888 159 4,215 5,262 322,939 Consumer 26,587 12 91 215 318 26,905 Total loans $ 11,046,589 $ 30,184 $ 14,736 $ 21,345 $ 66,265 $ 11,112,854 The following table presents the recorded investment in non-accrual loans and loans past due ninety days or more and still accruing interest by class of loans: September 30, 2016 December 31, 2015 Non-accrual loans Loans past due 90 days or more and still accruing Non-accrual loans Loans past due 90 days or more and still accruing Current Past Due/ Total Current Past Due/ Total (in thousands) Commercial real estate Owner occupied $ 1,042 $ 4,217 $ 5,259 $ — $ 749 $ 3,253 $ 4,002 $ 339 Non-owner occupied 7,874 — 7,874 2,106 11,851 2,822 14,673 — Multi-family — — — — — — — — Commercial and industrial Commercial 9,771 10,049 19,820 705 3,263 15,026 18,289 2,671 Leases — 364 364 — — 2,588 2,588 — Construction and land development Construction — — — — — — — — Land — 1,284 1,284 — 1,892 417 2,309 — Residential real estate 442 5,401 5,843 — 1,835 4,489 6,324 — Consumer — 164 164 7 — 196 196 18 Total $ 19,129 $ 21,479 $ 40,608 $ 2,817 $ 19,590 $ 28,791 $ 48,381 $ 3,028 The reduction in interest income associated with loans on non-accrual status was approximately $0.6 million and $0.5 million for three months ended September 30, 2016 and 2015 , respectively, and $1.5 million and $1.9 million for the nine months ended September 30, 2016 and 2015 , respectively. The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as Special Mention, Substandard, Doubtful, and Loss. Substandard loans include those characterized by well-defined weaknesses and carry the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful, or risk rated eight, have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The final rating of Loss covers loans considered uncollectible and having such little recoverable value that it is not practical to defer writing off the asset. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that warrant management’s close attention, are deemed to be Special Mention. Risk ratings are updated, at a minimum, quarterly. The following tables present HFI loans by risk rating: September 30, 2016 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Commercial real estate Owner occupied $ 1,945,850 $ 20,551 $ 15,309 $ 2,235 $ — $ 1,983,945 Non-owner occupied 3,327,622 34,749 47,174 — — 3,409,545 Multi-family 213,675 197 — — — 213,872 Commercial and industrial Commercial 5,474,770 71,290 57,545 — — 5,603,605 Leases 110,966 68 327 — — 111,361 Construction and land development Construction 906,401 6,094 2,429 — — 914,924 Land 451,308 344 13,159 — — 464,811 Residential real estate 260,919 347 10,542 — — 271,808 Consumer 38,144 42 205 — — 38,391 Total $ 12,729,655 $ 133,682 $ 146,690 $ 2,235 $ — $ 13,012,262 September 30, 2016 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Current (up to 29 days past due) $ 12,725,833 $ 123,115 $ 118,595 $ 2,235 $ — $ 12,969,778 Past due 30 - 59 days 3,784 9,025 799 — — 13,608 Past due 60 - 89 days 26 1,188 5,420 — — 6,634 Past due 90 days or more 12 354 21,876 — — 22,242 Total $ 12,729,655 $ 133,682 $ 146,690 $ 2,235 $ — $ 13,012,262 December 31, 2015 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Commercial real estate Owner occupied $ 2,032,932 $ 28,422 $ 20,814 $ 1,117 $ — $ 2,083,285 Non-owner occupied 2,054,428 14,867 35,282 — — 2,104,577 Multi-family 178,959 — — — — 178,959 Commercial and industrial Commercial 4,962,930 76,283 74,294 750 — 5,114,257 Leases 140,531 4,580 794 2,588 — 148,493 Construction and land development Construction 678,438 16,089 — — — 694,527 Land 420,819 362 17,731 — — 438,912 Residential real estate 310,067 776 12,096 — — 322,939 Consumer 26,438 209 258 — — 26,905 Total $ 10,805,542 $ 141,588 $ 161,269 $ 4,455 $ — $ 11,112,854 December 31, 2015 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Current (up to 29 days past due) $ 10,799,558 $ 140,932 $ 104,232 $ 1,867 $ — $ 11,046,589 Past due 30 - 59 days 1,907 271 28,006 — — 30,184 Past due 60 - 89 days 4,077 385 10,274 — — 14,736 Past due 90 days or more — — 18,757 2,588 — 21,345 Total $ 10,805,542 $ 141,588 $ 161,269 $ 4,455 $ — $ 11,112,854 The table below reflects the recorded investment in loans classified as impaired: September 30, 2016 December 31, 2015 (in thousands) Impaired loans with a specific valuation allowance under ASC 310 (1) $ 13,409 $ 24,287 Impaired loans without a specific valuation allowance under ASC 310 (2) 91,346 104,587 Total impaired loans $ 104,755 $ 128,874 Valuation allowance related to impaired loans (3) $ (4,775 ) $ (4,658 ) (1) Includes TDR loans of $0.5 million and $3.0 million at September 30, 2016 and December 31, 2015 , respectively. (2) Includes TDR loans of $59.5 million and $85.9 million at September 30, 2016 and December 31, 2015 , respectively. (3) Includes valuation allowance related to TDR loans of $0.1 million and $0.3 million at September 30, 2016 and December 31, 2015 , respectively. The following table presents impaired loans by class: September 30, 2016 December 31, 2015 (in thousands) Commercial real estate Owner occupied $ 17,425 $ 23,153 Non-owner occupied 29,066 41,081 Multi-family — — Commercial and industrial Commercial 25,219 26,513 Leases 330 2,896 Construction and land development Construction 3 — Land 15,335 18,322 Residential real estate 17,122 16,575 Consumer 255 334 Total $ 104,755 $ 128,874 A valuation allowance is established for an impaired loan when the fair value of the loan is less than the recorded investment. In certain cases, portions of impaired loans are charged-off to realizable value instead of establishing a valuation allowance and are included, when applicable, in the table above as “Impaired loans without a specific valuation allowance under ASC 310.” However, before concluding that an impaired loan needs no associated valuation allowance, an assessment is made to consider all available and relevant information for the method used to evaluate impairment and the type of loan being assessed. The valuation allowance disclosed above is included in the allowance for credit losses reported in the Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015 . The following table presents the average investment in impaired loans and income recognized on impaired loans: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Average balance on impaired loans $ 106,357 $ 145,161 $ 112,901 $ 154,510 Interest income recognized on impaired loans, accrual basis 959 1,303 3,122 3,613 Interest recognized on non-accrual loans, cash basis 245 208 642 1,409 The following table presents average investment in impaired loans by loan class: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Commercial real estate Owner occupied $ 17,155 $ 29,453 $ 19,323 $ 37,043 Non-owner occupied 29,978 57,178 31,635 60,817 Multi-family — — — — Commercial and industrial Commercial 25,662 16,938 27,221 14,202 Leases 331 3,658 904 2,965 Construction and land development Construction — — — — Land 16,699 18,801 17,632 19,949 Residential real estate 16,272 18,662 15,890 19,137 Consumer 260 471 296 397 Total $ 106,357 $ 145,161 $ 112,901 $ 154,510 The average investment in TDR loans included in the average investment in impaired loans table above for the three months ended September 30, 2016 and 2015 was $63.9 million and $114.5 million , respectively, and $71.4 million and $120.6 million for the nine months ended September 30, 2016 and 2015 , respectively. The following table presents interest income on impaired loans by class: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Commercial real estate Owner occupied $ 211 $ 373 $ 753 $ 1,200 Non-owner occupied 285 468 936 1,158 Multi-family — — — — Commercial and industrial Commercial 90 73 319 212 Leases 4 — 40 — Construction and land development Construction — — — — Land 240 199 686 591 Residential real estate 128 188 384 447 Consumer 1 2 4 5 Total $ 959 $ 1,303 $ 3,122 $ 3,613 The Company is not committed to lend significant additional funds on these impaired loans. The following table summarizes nonperforming assets: September 30, 2016 December 31, 2015 (in thousands) Non-accrual loans (1) $ 40,608 $ 48,381 Loans past due 90 days or more on accrual status (2) 2,817 3,028 Accruing troubled debt restructured loans 54,704 70,707 Total nonperforming loans 98,129 122,116 Other assets acquired through foreclosure, net 49,619 43,942 Total nonperforming assets $ 147,748 $ 166,058 (1) Includes non-accrual TDR loans of $5.4 million and $18.2 million at September 30, 2016 and December 31, 2015 , respectively. (2) Includes $0.6 million from loans acquired with deteriorated credit quality at September 30, 2016 . Loans Acquired in HFF Asset Purchase The following table presents information regarding the contractually required principal payments receivable, cash flows expected to be collected, and the preliminary estimated fair value of loans acquired in the HFF asset purchase as of April 20, 2016, the closing date of the transaction. See " Note 15. Mergers and Acquisitions " of these Notes to Unaudited Consolidated Financial Statements for additional details related to the purchase. April 20, 2016 Commercial Real Estate Construction and Land Development Total (in thousands) Contractually required principal and interest payments: PCI $ 143,734 $ 16,088 $ 159,822 Non-PCI 1,579,064 103,914 1,682,978 Total loans acquired 1,722,798 120,002 1,842,800 Cash flows expected to be collected: PCI 107,865 11,754 119,619 Non-PCI 1,315,523 80,955 1,396,478 Total loans acquired 1,423,388 92,709 1,516,097 Fair value of loans acquired: PCI 85,329 7,938 93,267 Non-PCI 1,122,419 65,311 1,187,730 Total loans acquired $ 1,207,748 $ 73,249 $ 1,280,997 Loans Acquired with Deteriorated Credit Quality Changes in the accretable yield for loans acquired with deteriorated credit quality are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Balance, at beginning of period $ 15,863 $ 17,190 $ 15,925 $ 19,156 Additions due to acquisition — — 4,301 857 Measurement period adjustments — 38 — 38 Reclassifications from non-accretable to accretable yield (1) 119 597 119 1,292 Accretion to interest income (901 ) (1,056 ) (2,570 ) (3,146 ) Reversal of fair value adjustments upon disposition of loans (578 ) (398 ) (3,272 ) (1,826 ) Balance, at end of period $ 14,503 $ 16,371 $ 14,503 $ 16,371 (1) The primary drivers of reclassification from non-accretable to accretable yield resulted from changes in estimated cash flows. Allowance for Credit Losses The following table summarizes the changes in the allowance for credit losses by portfolio type: Three Months Ended September 30, Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Total (in thousands) 2016 Beginning Balance $ 21,386 $ 24,867 $ 4,546 $ 70,547 $ 758 $ 122,104 Charge-offs — 72 79 2,558 — 2,709 Recoveries (302 ) (521 ) (179 ) (466 ) (21 ) (1,489 ) Provision (347 ) (450 ) (513 ) 3,406 (96 ) 2,000 Ending balance $ 21,341 $ 24,866 $ 4,133 $ 71,861 $ 683 $ 122,884 2015 Beginning Balance $ 19,537 $ 28,946 $ 6,399 $ 59,589 $ 585 $ 115,056 Charge-offs — — 8 1,109 — 1,117 Recoveries (329 ) (1,401 ) (232 ) (1,147 ) (24 ) (3,133 ) Provision 419 (5,173 ) (1,313 ) 6,152 (85 ) — Ending balance $ 20,285 $ 25,174 $ 5,310 $ 65,779 $ 524 $ 117,072 Nine Months Ended September 30, Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Total (in thousands) 2016 Beginning Balance $ 18,976 $ 23,160 $ 5,278 $ 71,181 $ 473 $ 119,068 Charge-offs — 726 105 11,210 120 12,161 Recoveries (455 ) (4,956 ) (589 ) (2,846 ) (131 ) (8,977 ) Provision 1,910 (2,524 ) (1,629 ) 9,044 199 7,000 Ending balance $ 21,341 $ 24,866 $ 4,133 $ 71,861 $ 683 $ 122,884 2015 Beginning Balance $ 18,558 $ 28,783 $ 7,456 $ 54,566 $ 853 $ 110,216 Charge-offs — — 626 3,273 107 4,006 Recoveries (1,859 ) (3,522 ) (1,949 ) (2,744 ) (88 ) (10,162 ) Provision (132 ) (7,131 ) (3,469 ) 11,742 (310 ) 700 Ending balance $ 20,285 $ 25,174 $ 5,310 $ 65,779 $ 524 $ 117,072 The following table presents impairment method information related to loans and allowance for credit losses by loan portfolio segment: Commercial Real Estate-Owner Occupied Commercial Real Estate-Non-Owner Occupied Commercial and Industrial Residential Real Estate Construction and Land Development Commercial Leases Consumer Total Loans (in thousands) Loans as of September 30, 2016: Recorded Investment: Impaired loans with an allowance recorded $ 3,245 $ — $ 9,881 $ 264 $ — $ — $ 19 $ 13,409 Impaired loans with no allowance recorded 14,183 29,066 15,337 16,858 15,335 330 237 91,346 Total loans individually evaluated for impairment 17,428 29,066 25,218 17,122 15,335 330 256 104,755 Loans collectively evaluated for impairment 1,954,861 3,477,105 5,577,980 254,043 1,332,468 111,031 38,135 12,745,623 Loans acquired with deteriorated credit quality 11,656 117,246 407 643 31,932 — — 161,884 Total recorded investment $ 1,983,945 $ 3,623,417 $ 5,603,605 $ 271,808 $ 1,379,735 $ 111,361 $ 38,391 $ 13,012,262 Unpaid Principal Balance Impaired loans with an allowance recorded $ 3,245 $ — $ 10,134 $ 319 $ — $ — $ 19 $ 13,717 Impaired loans with no allowance recorded 56,562 54,908 86,653 44,175 79,826 482 3,960 326,566 Total loans individually evaluated for impairment 59,807 54,908 96,787 44,494 79,826 482 3,979 340,283 Loans collectively evaluated for impairment 1,954,861 3,477,105 5,577,980 254,043 1,332,468 111,031 38,135 12,745,623 Loans acquired with deteriorated credit quality 15,213 149,568 5,480 742 33,345 — — 204,348 Total unpaid principal balance $ 2,029,881 $ 3,681,581 $ 5,680,247 $ 299,279 $ 1,445,639 $ 111,513 $ 42,114 $ 13,290,254 Related Allowance for Credit Losses Impaired loans with an allowance recorded $ 949 $ — $ 3,751 $ 74 $ — $ — $ 1 $ 4,775 Impaired loans with no allowance recorded — — — — — — — — Total loans individually evaluated for impairment 949 — 3,751 74 — — 1 4,775 Loans collectively evaluated for impairment 11,990 11,188 67,777 4,059 21,341 — 682 117,037 Loans acquired with deteriorated credit quality — 739 333 — — — — 1,072 Total allowance for credit losses $ 12,939 $ 11,927 $ 71,861 $ 4,133 $ 21,341 $ — $ 683 $ 122,884 Commercial Real Estate-Owner Occupied Commercial Real Estate-Non-Owner Occupied Commercial and Industrial Residential Real Estate Construction and Land Development Commercial Leases Consumer Total Loans (in thousands) Loans as of December 31, 2015: Recorded Investment: Impaired loans with an allowance recorded $ 2,778 $ 2,344 $ 18,230 $ 914 $ — $ — $ 21 $ 24,287 Impaired loans with no allowance recorded 20,375 38,737 8,283 15,661 18,322 2,896 313 104,587 Total loans individually evaluated for impairment 23,153 41,081 26,513 16,575 18,322 2,896 334 128,874 Loans collectively evaluated for impairment 2,044,934 2,180,250 5,085,299 303,372 1,115,117 145,597 26,571 10,901,140 Loans acquired with deteriorated credit quality 15,198 62,205 2,445 2,992 — — — 82,840 Total recorded investment $ 2,083,285 $ 2,283,536 $ 5,114,257 $ 322,939 $ 1,133,439 $ 148,493 $ 26,905 $ 11,112,854 Unpaid Principal Balance Impaired loans with an allowance recorded $ 2,778 $ 2,344 $ 19,233 $ 969 $ — $ — $ 21 $ 25,345 Impaired loans with no allowance recorded 63,709 61,692 71,773 44,142 82,800 5,229 3,923 333,268 Total loans individually evaluated for impairment 66,487 64,036 91,006 45,111 82,800 5,229 3,944 358,613 Loans collectively evaluated for impairment 2,044,934 2,180,250 5,085,299 303,372 1,115,117 145,597 26,571 10,901,140 Loans acquired with deteriorated credit quality 20,227 88,181 7,820 3,536 — — — 119,764 Total unpaid principal balance $ 2,131,648 $ 2,332,467 $ 5,184,125 $ 352,019 $ 1,197,917 $ 150,826 $ 30,515 $ 11,379,517 Related Allowance for Credit Losses Impaired loans with an allowance recorded $ 858 $ 11 $ 3,518 $ 270 $ — $ — $ 1 $ 4,658 Impaired loans with no allowance recorded — — — — — — — — Total loans individually evaluated for impairment 858 11 3,518 270 — — 1 4,658 Loans collectively evaluated for impairment 10,953 11,302 65,806 5,008 18,976 1,857 472 114,374 Loans acquired with deteriorated credit quality — 36 — — — — — 36 Total allowance for credit losses $ 11,811 $ 11,349 $ 69,324 $ 5,278 $ 18,976 $ 1,857 $ 473 $ 119,068 Troubled Debt Restructurings A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. The majority of the Company's modifications are extensions in terms or deferral of payments which result in no lost principal or interest followed by reductions in interest rates or accrued interest. A TDR loan is also considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. The Company did not have any new TDR loans during the three and nine months ended September 30, 2016 . The following table presents information on the financial effects of TDR loans by class for the three and nine months ended September 30, 2015 : Three Months Ended September 30, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Forgiven Principal Balance Lost Interest Income Post-Modification Outstanding Recorded Investment Waived Fees and Other Expenses (dollars in thousands) Commercial real estate Owner occupied — $ — $ — $ — $ — $ — Non-owner occupied 1 193 — — 193 — Multi-family — — — — — — Commercial and industrial Commercial — — — — — — Leases — — — — — — Construction and land development Construction — — — — — — Land — — — — — — Residential real estate 1 81 — 3 78 4 Consumer — — — — — — Total 2 $ 274 $ — $ 3 $ 271 $ 4 Nine Months Ended September 30, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Forgiven Principal Balance Lost Interest Income Post-Modification Outstanding Recorded Investment Waived Fees and Other Expenses (dollars in thousands) Commercial real estate Owner occupied — $ — $ — $ — $ — $ — Non-owner occupied 1 193 — — 193 — Multi-family — — — — — — Commercial and industrial Commercial 1 256 — — 256 — Leases — — — — — — Construction and land development Construction — — — — — — Land — — — — — — Residential real estate 1 81 — 3 78 4 Consumer — — — — — — Total 3 $ 530 $ — $ 3 $ 527 $ 4 During each of the three months ended September 30, 2016 and 2015, there were no TDR loans for which there was a payment default. The following table presents TDR loans by class for which there was a payment default during the nine months ended September 30, 2016 and 2015: Nine Months Ended September 30, 2016 2015 Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Commercial real estate Owner occupied — $ — — $ — Non-owner occupied 1 5,381 — — Multi-family — — — — Commercial and industrial Commercial — — — — Leases — — — — Construction and land development Construction — — 1 137 Land — — — — Residential real estate 1 333 1 202 Consumer — — — — Total 2 $ 5,714 2 $ 339 A TDR loan is deemed to have a payment default when it becomes past due 90 days, goes on non-accrual, or is restructured again. Payment defaults, along with other qualitative indicators, are considered by management in the determination of the allowance for credit losses. At September 30, 2016 , there were no loan commitments outstanding on TDR loans. At December 31, 2015 , there was $0.1 million in loan commitments outstanding on TDR loans. Loan Purchases and Sales For the three months ended September 30, 2016 and 2015 , secondary market loan purchases totaled $163.7 million and $70.8 million , respectively. For the three months ended September 30, 2016 and 2015, these purchased loans consisted primarily of commercial and industrial loans. For the nine months ended September 30, 2016 and 2015 , secondary market loan purchases totaled $262.0 million and $96.9 million , respectively. For the nine months ended September 30, 2016 , these purchased loans consisted primarily of commercial and industrial loans and for the same period in 2015 , these purchased loans consisted of $76.8 million of commercial and industrial loans, $13.2 million of commercial real estate loans, $6.8 million of commercial leases, $0.1 million of construction and land development. During the nine months ended September 30, 2016 , the Company sold loans, which consisted primarily of commercial real estate and commercial and industrial loans, with a carrying value of $37.1 million and recognized a net gain of $2.1 million on the sales. During the nine months ended September 30, 2015 , the Company sold loans, which primarily consisted of commercial and industrial loans, with a carrying value of $118.7 million and recognized a gain of $0.4 million on the sales. |
Other Assets Acquired Through F
Other Assets Acquired Through Foreclosure | 9 Months Ended |
Sep. 30, 2016 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Other Assets Acquired Through Foreclosure | 4. OTHER ASSETS ACQUIRED THROUGH FORECLOSURE The following table represents the changes in other assets acquired through foreclosure: Three Months Ended September 30, 2016 Gross Balance Valuation Allowance Net Balance (in thousands) Balance, beginning of period $ 56,467 $ (6,623 ) $ 49,844 Transfers to other assets acquired through foreclosure, net 1,162 — 1,162 Proceeds from sale of other real estate owned and repossessed assets, net (1,260 ) 32 (1,228 ) Valuation adjustments, net — (184 ) (184 ) Gains (losses), net (1) 25 — 25 Balance, end of period $ 56,394 $ (6,775 ) $ 49,619 2015 Balance, beginning of period $ 71,782 $ (12,447 ) $ 59,335 Additions from acquisition (143 ) — (143 ) Transfers to other assets acquired through foreclosure, net 14,111 — 14,111 Proceeds from sale of other real estate owned and repossessed assets, net (16,646 ) 959 (15,687 ) Valuation adjustments, net — 573 573 (Losses) gains, net (1) (470 ) — (470 ) Balance, end of period $ 68,634 $ (10,915 ) $ 57,719 (1) There were no net gains related to initial transfers to other assets during each of the three months ended September 30, 2016 and 2015 . Nine Months Ended September 30, 2016 Gross Balance Valuation Allowance Net Balance (in thousands) Balance, beginning of period $ 52,984 $ (9,042 ) $ 43,942 Transfers to other assets acquired through foreclosure, net 11,888 — 11,888 Proceeds from sale of other real estate owned and repossessed assets, net (8,174 ) 2,140 (6,034 ) Valuation adjustments, net — 127 127 (Losses) gains, net (2) (304 ) — (304 ) Balance, end of period $ 56,394 $ (6,775 ) $ 49,619 2015 Balance, beginning of period $ 71,421 $ (14,271 ) $ 57,150 Additions from acquisition 1,407 — 1,407 Transfers to other assets acquired through foreclosure, net 27,570 — 27,570 Proceeds from sale of other real estate owned and repossessed assets, net (34,349 ) 4,287 (30,062 ) Valuation adjustments, net — (931 ) (931 ) Gains (losses), net (2) 2,585 — 2,585 Balance, end of period $ 68,634 $ (10,915 ) $ 57,719 (2) Includes net gains related to initial transfers to other assets of zero and $0.9 million during the nine months ended September 30, 2016 and 2015 , respectively. At September 30, 2016 , and 2015 , the majority of the Company’s repossessed assets consisted of properties located in Nevada. The Company held 33 properties at September 30, 2016 , compared to 39 at December 31, 2015 , and 45 at September 30, 2015 . |
Other Borrowings
Other Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Other Borrowings | 5. OTHER BORROWINGS The following table summarizes the Company’s borrowings as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (in thousands) Short-Term: Federal funds purchased $ — $ — FHLB advances — 150,000 Total short-term borrowings $ — $ 150,000 The Company maintains other lines of credit with correspondent banks totaling $170.0 million , of which $25.0 million is secured by pledged securities and has a floating interest rate of one-month or three-month LIBOR plus 1.50% . The remaining $145.0 million is unsecured. As of September 30, 2016 and December 31, 2015 , there were no outstanding balances on these lines of credit. The Company maintains lines of credit with the FHLB and the FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. At September 30, 2016 , there were no short-term FHLB advances. At December 31, 2015 , short-term FHLB advances of $150.0 million had a weighted average interest rate of 0.36% . As of September 30, 2016 and December 31, 2015 , the Company had additional available credit with the FHLB of approximately $2.03 billion and $1.54 billion , respectively, and with the FRB of approximately $1.57 billion and $1.21 billion , respectively. |
Qualifying Debt
Qualifying Debt | 9 Months Ended |
Sep. 30, 2016 | |
Qualifying Debt Disclosure [Abstract] | |
Qualifying Debt | 6. QUALIFYING DEBT Subordinated Debt On June 16, 2016, the Company issued $175.0 million of subordinated debentures with a maturity date of July 1, 2056. Beginning on or after July 1, 2021, the Company may redeem the debentures, in whole or in part, at their principal amount plus any accrued and unpaid interest. The subordinated debt was recorded net of issuance costs of $5.5 million . The debentures have an interest rate of 6.25% per annum. To hedge the interest rate risk, WAL entered into a fair value interest rate hedge with a pay variable/receive fixed swap. The carrying value of all subordinated debt, which includes the effective portion of related hedges, totals $321.9 million at September 30, 2016 . Junior Subordinated Debt The Company has formed or acquired through acquisitions eight statutory business trusts, which exist for the exclusive purpose of issuing Cumulative Trust Preferred Securities. With the exception of debt issued by Bridge Capital Trust I and Bridge Capital Trust II, junior subordinated debt is recorded at fair value at each reporting date due to the FVO election made by the Company under ASC 825. The Company did not make the FVO election for the Bridge junior subordinated debt. Accordingly, the carrying value of these trusts does not reflect the current fair value of the debt and includes a fair market value adjustment established at acquisition that is being accreted over the remaining life of the trusts. The carrying value of junior subordinated debt was $61.0 million and $58.4 million at September 30, 2016 and December 31, 2015 , respectively. The weighted average interest rate of all junior subordinated debt as of September 30, 2016 was 3.19% , which is three-month LIBOR plus the contractual spread of 2.34% , compared to a weighted average interest rate of 2.95% at December 31, 2015 . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholder's Equity | 7. STOCKHOLDERS' EQUITY Common Stock Issuance Under ATM Distribution Agreement On June 4, 2014, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, under which the Company could sell shares of its common stock up to an aggregate offering price of $100.0 million on the New York Stock Exchange. The parties executed an Amended and Restated Distribution Agency Agreement on October 30, 2014. The Company pays Credit Suisse Securities (USA) LLC a mutually agreed rate, not to exceed 2% of the gross offering proceeds of the shares. The common stock will be sold at prevailing market prices at the time of the sale or at negotiated prices and, as a result, prices will vary. Sales in the ATM offering were previously being made pursuant to a prospectus dated May 14, 2012 and a prospectus supplement filed with the SEC on June 4, 2014, in connection with one or more offerings of shares from the Company's shelf registration statement on Form S-3 (No. 333-181128), which expired on May 14, 2015. On May 7, 2015, the Company filed with the SEC a new shelf registration statement on Form S-3 (No. 333-203959). As the Company completed $100.0 million in aggregate sales under the ATM offering, the Company's ATM offering expired and the Amended and Restated Distribution Agency Agreement was terminated as of June 30, 2016. Accordingly, there were no sales under the ATM offering during the three months ended September 30, 2016. During the nine months ended September 30, 2016 , the Company sold 1.6 million shares under the ATM offering at a weighted-average selling price of $36.63 per share for gross proceeds of $56.8 million . Total offering costs under the ATM offering for the nine months ended September 30, 2016 , were $1.0 million , of which $0.9 million relates to compensation costs paid to Credit Suisse Securities. During the three and nine months ended September 30, 2015 , there were no sales under the ATM offering. Stock-Based Compensation Restricted Stock Awards For the three and nine months ended September 30, 2016 , there were 5,725 and 358,235 shares of restricted stock awards granted to employees that generally vest over a three -year period. For the nine months ended September 30, 2016 , a total of 63,000 shares of restricted stock were granted to non-employee WAL directors that were fully vested at June 30, 2016. The Company estimates the compensation cost for stock grants based upon the grant date fair value. Stock compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. The aggregate grant date fair value for the restricted stock awards granted during the three and nine months ended September 30, 2016 was $0.2 million and $13.5 million , respectively. For three and nine months ended September 30, 2016 , the Company recognized $2.7 million and $10.2 million in stock-based compensation expense related to all restricted stock award grants, including those assumed as part of the Bridge acquisition, compared to $1.8 million and $7.0 million for the three and nine months ended September 30, 2015 , respectively. In addition, the Company granted 54,329 shares of restricted stock to certain members of executive management that have both performance and service conditions that affect vesting. The performance condition was based on achieving an EPS target for fiscal year 2016 and, if this target is met, the restricted stock will vest over a three-year service period. The grant date fair value of the awards was $1.7 million . For the three and nine months ended September 30, 2016 , the Company recognized $0.1 million and $0.4 million , respectively, in stock-based compensation expense related to these performance-based restricted stock grants, compared to $0.1 million and $0.3 million for the three and nine months ended September 30, 2015 , respectively. Performance Stock Units The Company grants members of its executive management committee performance stock units that do not vest unless the Company achieves a specified cumulative EPS target over a three-year performance period. The number of shares issued will vary based on the cumulative EPS target that is achieved. The Company estimates the cost of performance stock units based upon the grant date fair value and expected vesting percentage over the three-year performance period. For the three and nine months ended September 30, 2016 , the Company recognized $1.2 million and $3.5 million , respectively, in stock-based compensation expense related to these performance stock units, compared to $1.6 million and $3.6 million for the three and nine months ended September 30, 2015 , respectively. The three-year performance period for the 2013 grant ended on December 31, 2015, and the Company's cumulative EPS for the performance period exceeded the level required for a maximum award under the terms of the grant. As a result on February 17, 2016, executive management committee members were granted 308,400 of fully vested common shares. As of September 30, 2016 , outstanding performance stock unit grants made in 2014 and 2015 are expected to pay out at the maximum award amount, which is equivalent to 409,800 common shares with a grant date fair value of $10.4 million . In January 2016 , performance stock units were granted to executive management committee members with cumulative target awards equivalent to 109,704 shares of common stock. Assuming a 100% vesting percentage for the 2016 performance stock units, the grant date fair value of the awards was $3.4 million . Stock Options The Company's stock option awards consist of those awards assumed as part of the Bridge acquisition. During the three and nine months ended September 30, 2016 , the Company recognized $0.2 million and $0.6 million , respectively, in compensation expense related to these awards. There were no stock option awards granted by the Company during the three and nine months ended September 30, 2016 and 2015 . Treasury Shares Treasury shares represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. During the three and nine months ended September 30, 2016 , the Company purchased treasury shares of 8,328 and 301,495 , respectively, at a weighted average price of $34.30 and $30.95 per share, respectively. During the three and nine months ended September 30, 2015 , the Company purchased treasury shares of 15,345 and 270,126 , respectively, at a weighted average price of $32.14 and $27.54 per share, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 8. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated other comprehensive income by component, net of tax, for the periods indicated: Three Months Ended September 30, Unrealized holding gains (losses) on AFS Unrealized holding gains (losses) on SERP Unrealized holding gains (losses) on junior subordinated debt Impairment loss on securities Total (in thousands) Balance, June 30, 2016 $ 33,013 $ 102 $ 13,367 $ 144 $ 46,626 Other comprehensive (loss) income before reclassifications (7,415 ) 6 (2,825 ) — (10,234 ) Amounts reclassified from accumulated other comprehensive income — — — — — Net current-period other comprehensive (loss) income (7,415 ) 6 (2,825 ) — (10,234 ) Balance, September 30, 2016 $ 25,598 $ 108 $ 10,542 $ 144 $ 36,392 Balance, June 30, 2015 $ 14,867 $ 337 $ 11,359 $ 144 $ 26,707 Other comprehensive income (loss) before reclassifications 5,486 (229 ) 3,274 — 8,531 Amounts reclassified from accumulated other comprehensive income 38 — — — 38 Net current-period other comprehensive income (loss) 5,524 (229 ) 3,274 — 8,569 Balance, September 30, 2015 $ 20,391 $ 108 $ 14,633 $ 144 $ 35,276 Nine Months Ended September 30, Unrealized holding gains (losses) on AFS Unrealized holding gains (losses) on SERP Unrealized holding gains (losses) on junior subordinated debt Impairment loss on securities Total (in thousands) Balance, December 31, 2015 $ 9,993 $ 90 $ 12,033 $ 144 $ 22,260 Other comprehensive income (loss) before reclassifications 16,316 18 (1,491 ) — 14,843 Amounts reclassified from accumulated other comprehensive income (711 ) — — — (711 ) Net current-period other comprehensive income (loss) 15,605 18 (1,491 ) — 14,132 Balance, September 30, 2016 $ 25,598 $ 108 $ 10,542 $ 144 $ 36,392 Balance, January 1, 2015 $ 16,495 $ — $ 16,309 $ 144 $ 32,948 SERP assumed in Bridge acquisition — 108 — — 108 Other comprehensive income (loss) before reclassifications 4,261 — (1,676 ) — 2,585 Amounts reclassified from accumulated other comprehensive income (365 ) — — — (365 ) Net current-period other comprehensive income (loss) 3,896 108 (1,676 ) — 2,328 Balance, September 30, 2015 $ 20,391 $ 108 $ 14,633 $ 144 $ 35,276 The following table presents reclassifications out of accumulated other comprehensive income: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Classification 2016 2015 2016 2015 (in thousands) Gain (loss) on sales of investment securities, net $ — $ (62 ) $ 1,001 $ 582 Income tax (expense) benefit — 24 (290 ) (217 ) Net of tax $ — $ (38 ) $ 711 $ 365 |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | 9. DERIVATIVES AND HEDGING ACTIVITIES The Company is a party to various derivative instruments. Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require a small or no initial investment, and allow for the net settlement of positions. A derivative’s notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. A derivative’s underlying variable is a specified interest rate, security price, commodity price, foreign exchange rate, index, or other variable. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the fair value of the derivative contract. The primary type of derivatives that the Company uses are interest rate swaps. Generally, these instruments are used to help manage the Company's exposure to interest rate risk and meet client financing and hedging needs. Derivatives are recorded at fair value in the Consolidated Balance Sheets, after taking into account the effects of bilateral collateral and master netting agreements. These agreements allow the Company to settle all derivative contracts held with the same counterparty on a net basis, and to offset net derivative positions with related cash collateral, where applicable. As of September 30, 2016 , December 31, 2015 , and September 30, 2015 , the Company does not have any significant outstanding cash flow hedges or free-standing derivatives. Derivatives Designated in Hedge Relationships The Company utilizes derivatives that have been designated as part of a hedge relationship in accordance with the applicable accounting guidance to minimize the exposure to changes in benchmark interest rates and volatility of net interest income and EVE to interest rate fluctuations. The primary derivative instruments used to manage interest rate risk are interest rate swaps, which convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) to another interest rate index. The Company has entered into pay fixed/receive variable interest rate swaps designated as fair value hedges of certain fixed rate loans. As a result, the Company receives variable-rate interest payments in exchange for making fixed-rate payments over the lives of the contracts without exchanging the notional amounts. The Company has also entered into pay variable/receive fixed interest rate swaps, designated as fair value hedges on its fixed rate subordinated debt offerings. As a result, the Company is paying a floating rate of three month LIBOR plus 3.16% and is receiving semi-annual fixed payments of 5.00% to match the payments on the $150.0 million subordinated debt. For the fair value hedge on the Company's subordinated debentures issued on June 16, 2016, the Company is paying a floating rate of three month LIBOR plus 3.25% and is receiving quarterly fixed payments of 6.25% to match the payments on the debt. Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments The following table summarizes the fair values of the Company's derivative instruments on a gross and net basis as of September 30, 2016 , December 31, 2015 , and September 30, 2015 . The change in the notional amounts of these derivatives from December 31, 2015 to September 30, 2016 indicates the volume of the Company's derivative transaction activity during these periods. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow the Company to settle all derivative contracts with the same counterparty on a net basis and to offset the net derivative position with the related collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, the Company does not adjust those derivative amounts with counterparties. The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in other assets or other liabilities in the Consolidated Balance Sheets, as indicated in the following table: September 30, 2016 December 31, 2015 September 30, 2015 Fair Value Fair Value Fair Value Notional Derivative Assets Derivative Liabilities Notional Derivative Assets Derivative Liabilities Notional Derivative Assets Derivative Liabilities (in thousands) Derivatives designated as hedging instruments: Fair value hedges Interest rate swaps $ 988,337 $ 4,350 $ 100,067 $ 800,478 $ 3,569 $ 64,785 $ 805,073 $ 4,009 $ 70,391 Total 988,337 4,350 100,067 800,478 3,569 64,785 805,073 4,009 70,391 Netting adjustments (1) — — — — — — — — — Net derivatives in the balance sheet $ 988,337 $ 4,350 $ 100,067 $ 800,478 $ 3,569 $ 64,785 $ 805,073 $ 4,009 $ 70,391 (1) Netting adjustments represent the amounts recorded to convert derivative balances from a gross basis to a net basis in accordance with the applicable accounting guidance. Fair value hedges An assessment of effectiveness is performed at initiation of a hedge and on a quarterly basis thereafter. All of the Company's fair value hedges remained “highly effective” as of September 30, 2016 , December 31, 2015 , and September 30, 2015 . The following table summarizes the gains (losses) on fair value hedges for the three and nine months ended September 30, 2016 and 2015 , all of which are recorded in other non-interest income. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Hedge of Fixed Rate Loans (1) Gain (loss) on "pay fixed" swap $ 7,225 $ (21,345 ) $ (35,087 ) $ (12,572 ) (Loss) gain on receive fixed rate loans (7,206 ) 21,382 35,113 12,629 Net ineffectiveness $ 19 $ 37 $ 26 $ 57 Hedge of Fixed Rate Subordinated Debt Issuances (1) (Loss) gain on "receive fixed" swap $ (3,793 ) $ 3,812 $ 395 $ 4,009 Gain (loss) on subordinated debt 3,793 (3,812 ) (395 ) (4,009 ) Net ineffectiveness $ — $ — $ — $ — (1) The fair value of derivatives contracts are carried as other assets and other liabilities in the Consolidated Balance Sheets. The effective portion of hedging gains (losses) is recorded as basis adjustments to the underlying hedged asset or liability. Gains and losses on both the hedging derivative and hedged item are recorded through non-interest income with a resulting net income impact for the amount of ineffectiveness. Counterparty Credit Risk Like other financial instruments, derivatives contain an element of credit risk. This risk is measured as the expected positive replacement value of the contracts. Management generally enters into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with the same counterparty. Additionally, management monitors counterparty credit risk exposure on each contract to determine appropriate limits on the Company's total credit exposure across all product types. In general, the Company has a zero credit threshold with regard to derivative exposure with counterparties. Management reviews the Company's collateral positions on a daily basis and exchanges collateral with counterparties in accordance with standard ISDA documentation and other related agreements. The Company generally posts collateral in the form of highly rated securities issued by the U.S. Treasury or government-sponsored enterprises, such as GNMA, FNMA, and FHLMC. The total collateral posted by the Company for derivatives in a net liability position totaled $100.1 million at September 30, 2016 , $61.7 million at December 31, 2015 , and $67.3 million at September 30, 2015 . The following table summarizes the Company's largest exposure to an individual counterparty at the dates indicated for derivatives in net asset positions: September 30, 2016 December 31, 2015 September 30, 2015 (in thousands) Largest gross exposure (derivative asset) to an individual counterparty $ 4,159 $ 3,569 $ 4,009 Collateral posted by this counterparty 4,131 4,680 — Derivative liability with this counterparty — — — Collateral pledged to this counterparty — 1,340 — Net exposure after netting adjustments and collateral $ 28 $ 229 $ 4,009 Credit Risk Contingent Features Management has entered into certain derivative contracts that require the Company to post collateral to the counterparties when these contracts are in a net liability position. Conversely, the counterparties may be required to post collateral when these contracts are in a net asset position. The amount of collateral to be posted is based on the amount of the net liability and exposure thresholds. As of September 30, 2016 , December 31, 2015 , and September 30, 2015 the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting provisions) held by the Company that were in a net liability position totaled $100.1 million , $64.8 million , and $70.4 million , respectively. As of September 30, 2016 , the Company was in an over-collateralized net position of $23.1 million after considering $123.1 million of collateral held in the form of securities. As of December 31, 2015 and September 30, 2015 , the Company was in an over-collateralized position of $15.5 million and $8.4 million , respectively. |
Earnings per Share (Notes)
Earnings per Share (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. EARNINGS PER SHARE Diluted EPS is based on the weighted average outstanding common shares during each period, including common stock equivalents. Basic EPS is based on the weighted average outstanding common shares during the period. The following table presents the calculation of basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Weighted average shares - basic 103,768 100,776 102,791 92,345 Dilutive effect of stock awards 796 744 741 587 Weighted average shares - diluted 104,564 101,520 103,532 92,932 Net income available to common stockholders $ 67,052 $ 55,684 $ 189,998 $ 135,119 Earnings per share - basic 0.65 0.55 1.85 1.46 Earnings per share - diluted 0.64 0.55 1.84 1.45 The Company had no anti-dilutive stock options outstanding at each of the periods ended September 30, 2016 and 2015 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES The effective tax rate was 30.32% and 23.47% for the three months ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 and 2015 , the Company's effective tax rate was 28.31% and 24.88% , respectively. The increase in the effective tax rate for the nine months ended September 30, 2016 is due primarily to an increase in projected pre-tax book income without proportional increases to favorable tax rate items. Deferred tax assets and liabilities are included in the Consolidated Financial Statements at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be reversed. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. For the nine months ended September 30, 2016 , the net deferred tax assets decreased $13.6 million to $72.7 million . This overall decrease in the net deferred tax asset was primarily the result of decreases to deferred tax assets based on a change in fair market value of junior subordinated debt and AFS securities, expected use of AMT credit carryovers, and fair market value adjustments related to acquired loans. Although realization is not assured, the Company believes that the realization of the recognized deferred tax asset of $72.7 million at September 30, 2016 is more-likely-than-not based on expectations as to future taxable income and based on available tax planning strategies within the meaning of ASC 740, Income Taxes , that could be implemented if necessary to prevent a carryover from expiring. At each of the periods ended September 30, 2016 and December 31, 2015 , the Company had no deferred tax valuation allowance. The deferred tax asset related to federal and state NOL carryovers outstanding at September 30, 2016 and December 31, 2015 available to reduce the tax liability in future years totaled $9.1 million and $9.3 million , respectively. The respective $9.1 million and $9.3 million of tax benefits relate entirely to federal NOL carryovers (subject to an annual limitation imposed by IRC Section 382). The Company’s ability to use federal NOL carryovers, as well as its ability to use certain future tax deductions called NUBILs associated with the Company's acquisitions is subject to annual limitations. In management’s opinion, it is more-likely-than-not that the results of future operations will generate sufficient taxable income to realize all of the deferred tax benefits related to these NOL carryovers and NUBILs. At each of the periods ended September 30, 2016 and December 31, 2015 , the total amount of unrecognized tax benefits, net of associated deferred tax benefit, that would impact the effective tax rate, if recognized, was $0.7 million . Interest and penalties related to unrecognized tax benefits are recognized as part of the provision for income taxes. During each of the three and nine months ended September 30, 2016 and 2015 , the Company recognized no amounts for penalties associated with unrecognized tax benefits and no amounts for interest. At each of the periods ended September 30, 2016 and December 31, 2015 , the Company has accrued a $0.1 million liability for penalties and a $0.1 million liability for interest. Investments in LIHTC The Company invests in LIHTC funds that help the Company satisfy its CRA obligations and yield a return primarily through the realization of federal tax credits. Investments in LIHTC and unfunded LIHTC obligations are included as part of other assets and other liabilities, respectively, in the Consolidated Balance Sheets and total $166.1 million and $63.4 million , respectively, as of September 30, 2016 , compared to $152.7 million and $61.2 million as of December 31, 2015 . For the three months ended September 30, 2016 and 2015 , $5.5 million and $4.8 million of amortization related to LIHTC investments was recognized as a component of income tax expense, respectively. For the nine months ended September 30, 2016 and 2015 , $13.7 million and $10.4 million of amortization related to LIHTC investments was recognized as a component of income tax expense, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES Unfunded Commitments and Letters of Credit The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheets. Lines of credit are obligations to lend money to a borrower. Credit risk arises when the borrower's current financial condition may indicate less ability to pay than when the commitment was originally made. In the case of standby letters of credit, the risk arises from the potential failure of the customer to perform according to the terms of a contract. In such a situation, the third party might draw on the standby letter of credit to pay for completion of the contract and the Company would look to its customer to repay these funds with interest. To minimize the risk, the Company uses the same credit policies in making commitments and conditional obligations as it would for a loan to that customer. Standby letters of credit and financial guarantees are commitments issued by the Company to guarantee the performance of a customer to a third party in borrowing arrangements. The Company generally has recourse to recover from the customer any amounts paid under the guarantees. Typically, letters of credit issued have expiration dates within one year. A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: September 30, 2016 December 31, 2015 (in thousands) Commitments to extend credit, including unsecured loan commitments of $389,123 at September 30, 2016 and $341,374 at December 31, 2015 $ 3,973,444 $ 3,624,578 Credit card commitments and financial guarantees 54,270 57,966 Standby letters of credit, including unsecured letters of credit of $5,962 at September 30, 2016 and $4,257 at December 31, 2015 50,295 50,659 Total $ 4,078,009 $ 3,733,203 Commitments to extend credit are agreements to lend to a customer provided that there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. The Company has exposure to credit losses from unfunded commitments and letters of credit. As funds have not been disbursed on these commitments, they are not reported as loans outstanding. Credit losses related to these commitments are not included in the allowance for credit losses reported in " Note 3. Loans, Leases and Allowance for Credit Losses " of these Consolidated Financial Statements and are accounted for as a separate loss contingency. This loss contingency for unfunded loan commitments and letters of credit was $11.0 million (including $7.0 million related to loans acquired in the HFF asset purchase) and $3.3 million as of September 30, 2016 and December 31, 2015 , respectively. Changes to this liability are adjusted through non-interest expense. Concentrations of Lending Activities The Company’s lending activities are driven in large part by the customers served in the market areas where the Company has branch offices in the states of Arizona, Nevada, and California. Despite the geographic concentration of lending activities, the Company does not have a single external customer from which it derives 10% or more of its revenues. The Company monitors concentrations within four broad categories: geography, industry, product, and collateral. The Company's loan portfolio includes significant credit exposure to the CRE market. As of the periods ended September 30, 2016 and December 31, 2015 , CRE related loans accounted for approximately 54% and 49% of total loans, respectively. Substantially all of these loans are secured by first liens with an initial loan to value ratio of generally not more than 75% . Approximately 35% and 48% of these CRE loans, excluding construction and land loans, were owner-occupied at September 30, 2016 and December 31, 2015 , respectively. Contingencies The Company is involved in various lawsuits of a routine nature that are being handled and defended in the ordinary course of the Company’s business. Expenses are being incurred in connection with these lawsuits, but in the opinion of management, based in part on consultation with outside legal counsel, the resolution of these lawsuits and associated defense costs will not have a material impact on the Company’s financial position, results of operations, or cash flows. Lease Commitments The Company leases the majority of its office locations and many of these leases contain multiple renewal options and provisions for increased rents. Total rent expense of $2.8 million and $2.3 million for three months ended September 30, 2016 and 2015 , respectively, was included in occupancy expense. For the nine months ended September 30, 2016 and 2015 , total rent expense was $8.1 million and $5.5 million , respectively. |
Fair Value Accounting
Fair Value Accounting | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | 13. FAIR VALUE ACCOUNTING The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC 825 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 825 are described in " Note 1. Summary of Significant Accounting Policies " of these Notes to Unaudited Consolidated Financial Statements. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels in the fair value hierarchy are recognized as of the end of the month following the event or change in circumstances that caused the transfer. Under ASC 825, the Company elected the FVO treatment for certain junior subordinated debt issuances. This election is irrevocable and results in the recognition of unrealized gains and losses on these items in earnings at each reporting date. All securities for which the fair value measurement option had been elected are included in a separate line item in the Consolidated Balance Sheets as securities measured at fair value. For the three and nine months ended September 30, 2016 and 2015 gains and losses from fair value changes were as follows: Changes in Fair Values for Items Measured at Fair Value Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net Interest Income on Securities Interest Expense on Junior Subordinated Debt Total Changes Included in Current-Period Earnings Total Changes Included in OCI, Net of Tax (in thousands) Three Months Ended September 30, 2016 Securities measured at fair value $ (12 ) $ 9 $ — $ (3 ) $ — Junior subordinated debt (4,604 ) — 625 625 (2,825 ) Total $ (4,616 ) $ 9 $ 625 $ 622 $ (2,825 ) Nine Months Ended September 30, 2016 Securities measured at fair value $ (18 ) $ 30 $ — $ 12 $ — Junior subordinated debt (2,386 ) — 1,843 1,843 (1,491 ) Total $ (2,404 ) $ 30 $ 1,843 $ 1,855 $ (1,491 ) Three Months Ended September 30, 2015 Securities measured at fair value $ (6 ) $ 13 $ — $ 7 $ — Junior subordinated debt 5,325 — 540 540 3,274 Total $ 5,319 $ 13 $ 540 $ 547 $ 3,274 Nine Months Ended September 30, 2015 Securities measured at fair value $ (20 ) $ 41 $ — $ 21 $ — Junior subordinated debt (2,720 ) — 1,431 1,431 (1,676 ) Total $ (2,740 ) $ 41 $ 1,431 $ 1,452 $ (1,676 ) There were no net gains or losses recognized during the three and nine months ended September 30, 2016 and 2015 on trading securities sold during the period. Interest income on securities measured at fair value is accounted for similarly to those classified as AFS. Any premiums or discounts are recognized in interest income over the term of the securities. For MBS, estimates of prepayments are considered in the constant yield calculations. Interest expense on junior subordinated debt is also determined under a constant yield calculation. Fair value on a recurring basis Financial assets and financial liabilities measured at fair value on a recurring basis include the following: Securities measured at fair value: All of the Company’s securities measured at fair value, which consist of MBS, are reported at fair value utilizing Level 2 inputs in the same manner as described below for AFS securities. AFS securities: CRA investments, preferred stock, and U.S. treasury securities are reported at fair value utilizing Level 1 inputs. With the exception of CDO securities, other securities classified as AFS are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things. The Company estimates the fair value of CDO securities utilizing Level 3 inputs, which include pricing indications from comparable securities. Independent pricing service: The Company's independent pricing service provides pricing information on Level 1, 2, and 3 securities, and represents the pricing source for the majority of the portfolio. Management independently evaluates the fair value measurements received from the Company's third party pricing service through multiple review steps. First, management reviews what has transpired in the marketplace with respect to interest rates, credit spreads, volatility, and mortgage rates, among other things, and develops an expectation of changes to the securities' valuations from the previous quarter. Then, management obtains market values from additional sources. The pricing service provides management with observable market data including interest rate curves and mortgage prepayment speed grids, as well as dealer quote sheets, new bond offering sheets, and historical trade documentation. Management reviews the assumptions and decides whether they are reasonable. Management may compare interest rates, credit spreads, and prepayments speeds used as part of the assumptions to those that management believes are reasonable. Management may price securities using the provided assumptions to determine whether they can develop similar prices on like securities. Any discrepancies between management’s review and the prices provided by the vendor are discussed with the vendor and the Company’s other valuation advisors. Lastly, management selects a sample of investment securities and compares the values provided by its primary third party pricing service to the market values obtained from secondary sources and evaluates those with notable variances. Annually, the Company receives an SSAE 16 report from its independent pricing service attesting to the controls placed on the operations of the service from its auditor. Interest rate swaps: Interest rate swaps are reported at fair value utilizing Level 2 inputs. The Company obtains dealer quotations to value its interest rate swaps. Junior subordinated debt: The Company estimates the fair value of its junior subordinated debt using a discounted cash flow model which incorporates the effect of the Company’s own credit risk in the fair value of the liabilities (Level 3). The Company’s cash flow assumptions are based on contractual cash flows as the Company anticipates that it will pay the debt according to its contractual terms. As of September 30, 2016 , the Company estimated the discount rate at 5.65% , which represents an implied credit spread of 4.79% plus three-month LIBOR ( 0.85% ). As of December 31, 2015 , the Company estimated the discount rate at 5.67% , which was a 5.06% credit spread plus three-month LIBOR ( 0.61% ). The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs as of the periods presented: Fair Value Measurements at the End of the Reporting Period Using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (in thousands) September 30, 2016 Assets: Measured at fair value Residential MBS issued by GSEs $ — $ 1,279 $ — $ 1,279 Available-for-sale Collateralized debt obligations $ — $ — $ 10,552 $ 10,552 Commercial MBS issued by GSEs — 126,595 — 126,595 Corporate debt securities 20,000 5,628 — 25,628 CRA investments 37,753 — — 37,753 Municipal obligations — 403,417 — 403,417 Preferred stock 110,479 — — 110,479 Private label residential MBS — 463,091 — 463,091 Residential MBS issued by GSEs — 1,395,685 — 1,395,685 Trust preferred securities — 24,445 — 24,445 U.S. government sponsored agency securities — 59,001 — 59,001 U.S. treasury securities — 2,536 — 2,536 Total AFS securities $ 168,232 $ 2,480,398 $ 10,552 $ 2,659,182 Loans - HFS $ — $ 21,337 $ — $ 21,337 Derivative assets (1) — 4,350 — 4,350 Liabilities: Junior subordinated debt (2) $ — $ — $ 49,314 $ 49,314 Derivative liabilities (1) — 100,067 — 100,067 (1) Derivative assets and liabilities relate to interest rate swaps, see " Note 9. Derivatives and Hedging Activities ." In addition, the carrying value of loans includes a net positive value of $106,503 and the net carrying value of subordinated debt includes a net negative value of $4,350 as of September 30, 2016 , which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. (2) Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. Fair Value Measurements at the End of the Reporting Period Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value (in thousands) December 31, 2015 Assets: Measured at fair value Residential MBS issued by GSEs $ — $ 1,481 $ — $ 1,481 Available-for-sale Collateralized debt obligations $ — $ — $ 10,060 $ 10,060 Commercial MBS issued by GSEs — 19,114 — 19,114 Corporate debt securities — 13,251 — 13,251 CRA investments 34,685 — — 34,685 Municipal obligations — 334,830 — 334,830 Preferred stock 111,236 — — 111,236 Private label commercial MBS — 4,691 — 4,691 Private label residential MBS — 257,128 — 257,128 Residential MBS issued by GSEs — 1,170,221 — 1,170,221 Trust preferred securities — 24,314 — 24,314 U.S. treasury securities 2,993 — — 2,993 Total AFS securities $ 148,914 $ 1,823,549 $ 10,060 $ 1,982,523 Loans - HFS $ — $ 23,809 $ — $ 23,809 Derivative assets (1) — 3,569 — 3,569 Liabilities: Junior subordinated debt (2) $ — $ — $ 46,928 $ 46,928 Derivative liabilities (1) — 64,785 — 64,785 (1) Derivative assets and liabilities relate to interest rate swaps, see " Note 9. Derivatives and Hedging Activities ." In addition, the carrying value of loans includes a positive value of $64,184 and the net carrying value of subordinated debt includes a net negative value of $3,569 as of December 31, 2015 , which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. (2) Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. For the three and nine months ended September 30, 2016 and 2015 , the change in Level 3 assets and liabilities measured at fair value on a recurring basis was as follows: Junior Subordinated Debt Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Beginning balance $ (44,710 ) $ (48,482 ) $ (46,928 ) $ (40,437 ) Transfers into Level 3 — — — — Total gains (losses) for the period Included in other comprehensive income (1) (4,604 ) 5,325 $ (2,386 ) $ (2,720 ) Ending balance $ (49,314 ) $ (43,157 ) $ (49,314 ) $ (43,157 ) (1) Due to the Company's election to early adopt an element of ASU 2016-01, changes in the fair value of junior subordinated debt are presented as part of OCI rather than earnings effective January 1, 2015. Accordingly, total losses are included in the other comprehensive income line, Unrealized gain (loss) on junior subordinated debt, which is net of tax. The above amount represents the gross loss from changes in fair value of junior subordinated debt. CDO Securities Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Beginning balance $ 10,183 $ 10,804 $ 10,060 $ 11,445 Transfers into Level 3 — — — — Total gains (losses) for the period Included in other comprehensive income (1) 369 (594 ) 492 (1,235 ) Ending balance $ 10,552 $ 10,210 $ 10,552 $ 10,210 (1) Total gains (losses) for the period are included in the other comprehensive income line, Unrealized gain (loss) on AFS securities. For Level 3 liabilities and assets measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2016 Valuation Technique Significant Unobservable Inputs Input Value (in thousands) Junior subordinated debt $ 49,314 Discounted cash flow Implied credit rating of the Company 5.65 % CDO securities 10,552 S&P Model Pricing indications from comparable securities December 31, 2015 Valuation Technique Significant Unobservable Inputs Input Value (in thousands) Junior subordinated debt $ 46,928 Discounted cash flow Adjusted Corporate Bond over Treasury Index with comparable credit spread 5.67 % CDO securities 10,060 S&P Model Pricing indications from comparable securities The significant unobservable inputs used in the fair value measurement of the Company’s junior subordinated debt as of September 30, 2016 was the implied credit risk for the Company, calculated as the difference between the 20-year 'BB' rated financial index over the corresponding swap index. The significant unobservable inputs used in the fair value measurement of the Company's CDO securities include securities terms, conditions, and underlying collateral type, as well as trustee and servicer reports, trade data on comparable securities, and market quotes that are converted into spreads to benchmark LIBOR curves. Significant increases or decreases in these inputs could result in significantly different fair value measurements. Fair value on a nonrecurring basis Certain assets are measured at fair value on a nonrecurring basis. That is, the assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents such assets carried on the balance sheet by caption and by level within the ASC 825 hierarchy: Fair Value Measurements at the End of the Reporting Period Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Active Markets for Similar Assets (Level 2) Unobservable Inputs (Level 3) (in thousands) As of September 30, 2016: Impaired loans with specific valuation allowance $ 8,634 $ — $ — $ 8,634 Impaired loans without specific valuation allowance (1) 58,810 — — 58,810 Other assets acquired through foreclosure 49,619 — — 49,619 As of December 31, 2015: Impaired loans with specific valuation allowance $ 19,629 $ — $ — $ 19,629 Impaired loans without specific valuation allowance (1) 66,754 — — 66,754 Other assets acquired through foreclosure 43,942 — — 43,942 (1) Excludes loan balances with charge-offs of $32.5 million and $37.8 million as of September 30, 2016 and December 31, 2015 , respectively. For Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2016 and December 31, 2015 , the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2016 Valuation Significant Unobservable Inputs Range (in thousands) Impaired loans $ 67,444 Collateral method Third party appraisal Costs to sell 4.0% to 10.0% Discounted cash flow method Discount rate Contractual loan rate 4.0% to 7.0% Scheduled cash collections Loss given default 0% to 20.0% Proceeds from non-real estate collateral Loss given default 0% to 70.0% Other assets acquired through foreclosure 49,619 Collateral method Third party appraisal Costs to sell 4.0% to 10.0% December 31, 2015 Valuation Significant Unobservable Inputs Range (in thousands) Impaired loans $ 86,383 Collateral method Third party appraisal Costs to sell 4.0% to 10.0% Discounted cash flow method Discount rate Contractual loan rate 4.0% to 7.0% Scheduled cash collections Loss given default 0% to 20.0% Proceeds from non-real estate collateral Loss given default 0% to 70.0% Other assets acquired through foreclosure 43,942 Collateral method Third party appraisal Costs to sell 4.0% to 10.0% Impaired loans: The specific reserves for collateral dependent impaired loans are based on collateral value, net of estimated disposition costs and other identified quantitative inputs. Collateral value is determined based on independent third-party appraisals or internally-developed discounted cash flow analyses. Appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. In addition, when adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. Internal discounted cash flow analyses are also utilized to estimate the fair value of impaired loans, which considers internally-developed, unobservable inputs such as discount rates, default rates, and loss severity. Total Level 3 impaired loans had an estimated fair value of $67.4 million and $86.4 million at September 30, 2016 and December 31, 2015 , respectively. Impaired loans with a specific valuation allowance had a gross estimated fair value of $13.4 million and $24.3 million at September 30, 2016 and December 31, 2015 , respectively, which was reduced by a specific valuation allowance of $4.8 million and $4.7 million , respectively. Other assets acquired through foreclosure: Other assets acquired through foreclosure consist of properties acquired as a result of, or in-lieu-of, foreclosure. These assets are initially reported at the fair value determined by independent third-party appraisals using appraised value less estimated cost to sell. Such properties are generally re-appraised every twelve months. There is risk for subsequent volatility. Costs relating to the development or improvement of the assets are capitalized and costs relating to holding the assets are charged to expense. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. In addition, when significant adjustments are based on unobservable inputs, such as when a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the resulting fair value measurement has been categorized as a Level 3 measurement. The Company had $49.6 million and $43.9 million of such assets at September 30, 2016 and December 31, 2015 , respectively. Credit vs. non-credit losses Under the provisions of ASC 320, Investments-Debt and Equity Securities , OTTI is separated into the amount of total impairment related to the credit loss and the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total impairment related to all other factors is recognized in OCI. For the three and nine months ended September 30, 2016 and 2015 , the Company determined that no securities experienced credit losses. There is no OTTI balance recognized in comprehensive income as of September 30, 2016 and 2015 . FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of the Company’s financial instruments is as follows: September 30, 2016 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Investment securities: HTM $ 52,421 $ — $ 55,717 $ — $ 55,717 AFS 2,659,182 168,232 2,480,398 10,552 2,659,182 Trading 1,279 — 1,279 — 1,279 Derivative assets 4,350 — 4,350 — 4,350 Loans, net 12,910,715 — 12,585,292 67,444 12,652,736 Accrued interest receivable 57,704 — 57,704 — 57,704 Financial liabilities: Deposits $ 14,443,160 $ — $ 14,446,965 $ — $ 14,446,965 Customer repurchases 44,372 — 44,372 — 44,372 Qualifying debt 382,932 — — 389,752 389,752 Derivative liabilities 100,067 — 100,067 — 100,067 Accrued interest payable 9,722 — 9,722 — 9,722 December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Investment securities: AFS $ 1,982,523 $ 148,914 $ 1,823,549 $ 10,060 $ 1,982,523 Trading 1,481 — 1,481 — 1,481 Derivative assets 3,569 — 3,569 — 3,569 Loans, net 11,017,595 — 10,766,826 86,383 10,853,209 Accrued interest receivable 54,445 — 54,445 — 54,445 Financial liabilities: Deposits $ 12,030,624 $ — $ 12,034,199 $ — $ 12,034,199 Customer repurchases 38,155 — 38,155 — 38,155 FHLB advances 150,000 — 150,000 — 150,000 Qualifying debt 210,328 — — 207,437 207,437 Derivative liabilities 64,785 — 64,785 — 64,785 Accrued interest payable 13,626 — 13,626 — 13,626 Interest rate risk The Company assumes interest rate risk (the risk to the Company’s earnings and capital from changes in interest rate levels) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments as well as its future net interest income will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Interest rate risk exposure is measured using interest rate sensitivity analysis to determine the Company's change in EVE and net interest income resulting from hypothetical changes in interest rates. If potential changes to EVE and net interest income resulting from hypothetical interest rate changes are not within the limits established by the BOD, the BOD may direct management to adjust the asset and liability mix to bring interest rate risk within BOD-approved limits. As of September 30, 2016 , the Company’s interest rate risk profile was within BOD-approved limits. WAB has an ALCO charged with managing interest rate risk within the BOD-approved limits. Limits are structured to prohibit an interest rate risk profile that does not conform to both management and BOD risk tolerances. There is also ALCO reporting at the Parent company level for reviewing interest rate risk for the Company, which gets reported to the BOD and the Finance and Investment Committee. Fair value of commitments The estimated fair value of standby letters of credit outstanding at September 30, 2016 and December 31, 2015 was insignificant. Loan commitments on which the committed interest rates were less than the current market rate were also insignificant at September 30, 2016 and December 31, 2015 . |
Segments
Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segments | 14. SEGMENTS The Company's reportable segments are aggregated based primarily on geographic location, services offered, and markets served. The Company's regional segments, which include Arizona, Nevada, Southern California, and Northern California, provide full service banking and related services to their respective markets. The operations from the regional segments correspond to the following banking divisions: ABA in Arizona, BON and FIB in Nevada, TPB in Southern California, and Bridge in Northern California. The Company's NBL segments provide specialized banking services to niche markets. With the purchase of GE's domestic select-service hotel franchise loan portfolio on April 20, 2016, management has created a new operating segment called HFF, which is now included as one of the Company's NBL reportable segments. The Company's other NBL reportable segments include HOA Services, Public & Nonprofit Finance, Technology & Innovation, and Other NBLs. These NBLs are managed centrally and are broader in geographic scope than the Company's other segments, though still predominately located within the Company's core market areas. The HOA Services NBL corresponds to the AAB division. The newly created HFF NBL includes the hotel franchise loan portfolio purchased from GE. The operations of Public and Nonprofit Finance are combined into one reportable segment. The Technology & Innovation NBL includes the operations of Equity Fund Resources, Life Sciences Group, Renewable Resource Group, and Technology Finance. The Other NBLs segment consists of Corporate Finance, Mortgage Warehouse Lending, and Resort Finance. The Corporate & Other segment consists of corporate-related items, income and expense items not allocated to the Company's other reportable segments, and inter-segment eliminations. The Company's segment reporting process begins with the assignment of all loan and deposit accounts directly to the segments where these products are originated and/or serviced. Equity capital is assigned to each segment based on the risk profile of their assets and liabilities. With the exception of goodwill, which is assigned a 100% weighting, equity capital allocations ranged from 0% to 12% during the year, with a funds credit provided for the use of this equity as a funding source. Any excess or deficient equity not allocated to segments based on risk is assigned to the Corporate & Other segment. Net interest income, provision for credit losses, and non-interest expense amounts are recorded in their respective segment to the extent that the amounts are directly attributable to those segments. Net interest income is recorded in each segment on a TEB with a corresponding increase in income tax expense, which is eliminated in the Corporate & Other segment. Further, net interest income of a reportable segment includes a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. Using this funds transfer pricing methodology, liquidity is transferred between users and providers. A net user of funds has lending/investing in excess of deposits/borrowings and a net provider of funds has deposits/borrowings in excess of lending/investing. A segment that is a user of funds is charged for the use of funds, while a provider of funds is credited through funds transfer pricing, which is determined based on the average life of the assets or liabilities in the portfolio. Net income amounts for each reportable segment are further derived by the use of expense allocations. Certain expenses not directly attributable to a specific segment are allocated across all segments based on key metrics, such as number of employees, average loan balances, and average deposit balances. These types of expenses include information technology, operations, human resources, finance, risk management, credit administration, legal, and marketing. Income taxes are applied to each segment based on the effective tax rate for the geographic location of the segment. Any difference in the corporate tax rate and the aggregate effective tax rates in the segments are adjusted in the Corporate & Other segment. The following is a summary of selected operating segment information for the periods indicated: Regional Segments Balance Sheet: Consolidated Company Arizona Nevada Southern California Northern California At September 30, 2016 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ 3,134.2 $ 1.9 $ 7.9 $ 1.9 $ 1.3 Loans, net of deferred loan fees and costs 13,033.6 2,938.0 1,697.3 1,833.4 1,072.1 Less: allowance for credit losses (122.9 ) (30.5 ) (18.5 ) (19.8 ) (9.1 ) Total loans 12,910.7 2,907.5 1,678.8 1,813.6 1,063.0 Other assets acquired through foreclosure, net 49.6 6.8 20.4 — 0.3 Goodwill and other intangible assets, net 303.6 — 23.9 — 157.8 Other assets 644.5 43.3 59.9 16.1 14.6 Total assets $ 17,042.6 $ 2,959.5 $ 1,790.9 $ 1,831.6 $ 1,237.0 Liabilities: Deposits $ 14,443.2 $ 3,931.9 $ 3,712.0 $ 2,255.0 $ 1,505.0 Borrowings and qualifying debt 382.9 — — — — Other liabilities 359.1 13.2 30.7 11.1 15.8 Total liabilities 15,185.2 3,945.1 3,742.7 2,266.1 1,520.8 Allocated equity: 1,857.4 344.1 247.8 205.8 281.7 Total liabilities and stockholders' equity $ 17,042.6 $ 4,289.2 $ 3,990.5 $ 2,471.9 $ 1,802.5 Excess funds provided (used) — 1,329.7 2,199.6 640.3 565.5 Income Statement: Three Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 172,547 $ 45,531 $ 35,977 $ 26,488 $ 22,181 Provision for (recovery of) credit losses 2,000 2,399 (1,009 ) (105 ) 144 Net interest income (expense) after provision for credit losses 170,547 43,132 36,986 26,593 22,037 Non-interest income 10,683 1,180 2,264 686 2,916 Non-interest expense (85,007 ) (16,084 ) (14,801 ) (11,532 ) (12,706 ) Income (loss) before income taxes 96,223 28,228 24,449 15,747 12,247 Income tax expense (benefit) 29,171 11,074 8,557 6,621 5,150 Net income $ 67,052 $ 17,154 $ 15,892 $ 9,126 $ 7,097 Nine Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 481,944 $ 125,191 $ 102,016 $ 76,719 $ 67,272 Provision for (recovery of) credit losses 7,000 10,875 (3,526 ) 145 2,112 Net interest income (expense) after provision for credit losses 474,944 114,316 105,542 76,574 65,160 Non-interest income 32,375 5,749 6,420 1,907 7,858 Non-interest expense (242,304 ) (45,090 ) (44,371 ) (33,401 ) (40,154 ) Income (loss) before income taxes 265,015 74,975 67,591 45,080 32,864 Income tax expense (benefit) 75,017 29,413 23,657 18,956 13,819 Net income $ 189,998 $ 45,562 $ 43,934 $ 26,124 $ 19,045 National Business Lines Balance Sheet: HOA Services HFF Public & Nonprofit Finance Technology & Innovation Other NBL Corporate & Other At September 30, 2016 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ — $ — $ — $ — $ — $ 3,121.2 Loans, net of deferred loan fees and costs 106.4 1,311.2 1,447.7 934.6 1,673.9 19.0 Less: allowance for credit losses (1.2 ) (0.6 ) (15.7 ) (8.7 ) (18.1 ) (0.7 ) Total loans 105.2 1,310.6 1,432.0 925.9 1,655.8 18.3 Other assets acquired through foreclosure, net — — — — — 22.1 Goodwill and other intangible assets, net — 0.2 — 121.7 — — Other assets 0.3 5.4 9.9 4.9 11.0 479.1 Total assets $ 105.5 $ 1,316.2 $ 1,441.9 $ 1,052.5 $ 1,666.8 $ 3,640.7 Liabilities: Deposits $ 1,813.7 $ — $ — $ 1,066.8 $ — $ 158.8 Borrowings and qualifying debt — — — — — 382.9 Other liabilities 0.9 1.2 98.2 0.2 59.2 128.6 Total liabilities 1,814.6 1.2 98.2 1,067.0 59.2 670.3 Allocated equity: 46.4 108.1 86.2 218.2 139.0 180.1 Total liabilities and stockholders' equity $ 1,861.0 $ 109.3 $ 184.4 $ 1,285.2 $ 198.2 $ 850.4 Excess funds provided (used) 1,755.5 (1,206.9 ) (1,257.5 ) 232.7 (1,468.6 ) (2,790.3 ) Income Statement: Three Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 11,312 $ 13,370 $ 5,012 $ 18,143 $ 12,060 $ (17,527 ) Provision for (recovery of) credit losses 72 — (315 ) (557 ) 1,372 (1 ) Net interest income (expense) after provision for credit losses 11,240 13,370 5,327 18,700 10,688 (17,526 ) Non-interest income 125 — 19 1,871 728 894 Non-interest expense (6,062 ) (3,207 ) (1,974 ) (8,837 ) (3,972 ) (5,832 ) Income (loss) before income taxes 5,303 10,163 3,372 11,734 7,444 (22,464 ) Income tax expense (benefit) 1,989 3,811 1,265 4,400 2,791 (16,487 ) Net income $ 3,314 $ 6,352 $ 2,107 $ 7,334 $ 4,653 $ (5,977 ) Nine Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 29,853 $ 25,438 $ 15,259 $ 51,083 $ 35,220 $ (46,107 ) Provision for (recovery of) credit losses 160 — (509 ) (2,336 ) 3,309 (3,230 ) Net interest income (expense) after provision for credit losses 29,693 25,438 15,768 53,419 31,911 (42,877 ) Non-interest income 340 — 22 4,623 1,598 3,858 Non-interest expense (17,423 ) (5,764 ) (5,927 ) (23,177 ) (11,007 ) (15,990 ) Income (loss) before income taxes 12,610 19,674 9,863 34,865 22,502 (55,009 ) Income tax expense (benefit) 4,729 7,378 3,699 13,074 8,438 (48,146 ) Net income $ 7,881 $ 12,296 $ 6,164 $ 21,791 $ 14,064 $ (6,863 ) Regional Segments Balance Sheet: Consolidated Company Arizona Nevada Southern California Northern California At December 31, 2015 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ 2,266.8 $ 2.3 $ 9.5 $ 2.4 $ 2.4 Loans, net of deferred loan fees and costs 11,136.7 2,811.7 1,737.2 1,761.9 1,188.4 Less: allowance for credit losses (119.1 ) (30.1 ) (18.6 ) (18.8 ) (12.7 ) Total loans 11,017.6 2,781.6 1,718.6 1,743.1 1,175.7 Other assets acquired through foreclosure, net 43.9 8.4 20.8 — 0.3 Goodwill and other intangible assets, net 305.4 — 24.8 — 158.2 Other assets 641.4 43.9 62.3 15.7 16.1 Total assets $ 14,275.1 $ 2,836.2 $ 1,836.0 $ 1,761.2 $ 1,352.7 Liabilities: Deposits $ 12,030.6 $ 2,880.7 $ 3,382.8 $ 1,902.5 $ 1,541.1 Borrowings and qualifying debt 360.3 — — — — Other liabilities 292.7 12.2 29.0 7.8 11.2 Total liabilities 12,683.6 2,892.9 3,411.8 1,910.3 1,552.3 Allocated equity: 1,591.5 309.2 244.4 191.3 293.2 Total liabilities and stockholders' equity $ 14,275.1 $ 3,202.1 $ 3,656.2 $ 2,101.6 $ 1,845.5 Excess funds provided (used) — 365.9 1,820.2 340.4 492.8 Income Statement: Three Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 137,407 $ 32,920 $ 30,875 $ 24,146 $ 24,012 Provision for (recovery of) credit losses — 1,964 (2,376 ) (442 ) 1,390 Net interest income (expense) after provision for credit losses 137,407 30,956 33,251 24,588 22,622 Non-interest income 8,502 962 2,199 586 2,484 Non-interest expense (72,916 ) (15,159 ) (15,513 ) (11,910 ) (12,846 ) Income (loss) before income taxes 72,993 16,759 19,937 13,264 12,260 Income tax expense (benefit) 17,133 6,574 6,978 5,577 5,156 Net income $ 55,860 $ 10,185 $ 12,959 $ 7,687 $ 7,104 Nine Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 349,233 $ 93,996 $ 90,030 $ 70,706 $ 33,681 Provision for (recovery of) credit losses 700 2,122 (5,175 ) (176 ) 1,876 Net interest income (expense) after provision for credit losses 348,533 91,874 95,205 70,882 31,805 Non-interest income 20,289 2,909 6,852 2,101 2,806 Non-interest expense (188,158 ) (44,520 ) (45,019 ) (35,389 ) (16,776 ) Income (loss) before income taxes 180,664 50,263 57,038 37,594 17,835 Income tax expense (benefit) 44,946 19,718 19,963 15,808 7,500 Net income $ 135,718 $ 30,545 $ 37,075 $ 21,786 $ 10,335 National Business Lines Balance Sheet: HOA Services Public & Nonprofit Finance Technology & Innovation Other NBL Corporate & Other At December 31, 2015 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ — $ — $ — $ — $ 2,250.2 Loans, net of deferred loan fees and costs 88.4 1,458.9 770.3 1,280.3 39.6 Less: allowance for credit losses (0.9 ) (15.6 ) (8.2 ) (13.8 ) (0.4 ) Total loans 87.5 1,443.3 762.1 1,266.5 39.2 Other assets acquired through foreclosure, net — — — — 14.4 Goodwill and other intangible assets, net — — 122.4 — — Other assets 0.2 14.0 2.7 11.5 475.0 Total assets $ 87.7 $ 1,457.3 $ 887.2 $ 1,278.0 $ 2,778.8 Liabilities: Deposits $ 1,291.9 $ — $ 842.5 $ — $ 189.1 Borrowings and qualifying debt — — — — 360.3 Other liabilities 0.5 63.8 — 40.8 127.4 Total liabilities 1,292.4 63.8 842.5 40.8 676.8 Allocated equity: 34.2 87.8 200.9 105.7 124.8 Total liabilities and stockholders' equity $ 1,326.6 $ 151.6 $ 1,043.4 $ 146.5 $ 801.6 Excess funds provided (used) 1,238.9 (1,305.7 ) 156.2 (1,131.5 ) (1,977.2 ) Income Statement: Three Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 6,458 $ 5,050 $ 14,527 $ 11,312 $ (11,893 ) Provision for (recovery of) credit losses 57 473 1,526 (2,544 ) (48 ) Net interest income (expense) after provision for credit losses 6,401 4,577 13,001 13,856 (11,845 ) Non-interest income 83 26 1,157 168 837 Non-interest expense (4,515 ) (1,419 ) (3,650 ) (3,541 ) (4,363 ) Income (loss) before income taxes 1,969 3,184 10,508 10,483 (15,371 ) Income tax expense (benefit) 738 1,194 3,941 3,931 (16,956 ) Net income $ 1,231 $ 1,990 $ 6,567 $ 6,552 $ 1,585 Nine Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 18,662 $ 14,534 $ 14,527 $ 37,366 $ (24,269 ) Provision for (recovery of) credit losses 198 2,579 1,526 (2,131 ) (119 ) Net interest income (expense) after provision for credit losses 18,464 11,955 13,001 39,497 (24,150 ) Non-interest income 236 665 1,157 413 3,150 Non-interest expense (12,985 ) (4,056 ) (3,650 ) (11,257 ) (14,506 ) Income (loss) before income taxes 5,715 8,564 10,508 28,653 (35,506 ) Income tax expense (benefit) 2,143 3,212 3,941 10,745 (38,084 ) Net income $ 3,572 $ 5,352 $ 6,567 $ 17,908 $ 2,578 |
Mergers, Acquisitions and Dispo
Mergers, Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | 15. MERGERS AND ACQUISITIONS GE Capital US Holdings, Inc. Loan Portfolio On April 20, 2016, WAB completed its purchase of GE Capital US Holdings, Inc.'s domestic select-service hotel franchise finance loan portfolio, paying cash of $1.27 billion . Effective April 20, 2016, the results of the purchased loan portfolio are reflected in the Company's newly created HFF NBL operating segment. Acquisition / restructure expenses related to the purchase total $1.7 million and $3.6 million for the three and nine months ended September 30, 2016. The purchase was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. There have been no measurement period adjustments recognized related to the HFF purchase. Although measurement period adjustments are not expected to be significant, the fair values of loans and other liabilities are still preliminary as of September 30, 2016 . The recognized amounts of identifiable assets acquired and liabilities assumed are as follows: April 20, 2016 (in thousands) Assets: Loans $ 1,280,997 Other assets 3,560 Total assets $ 1,284,557 Liabilities: Other liabilities $ 12,559 Total liabilities 12,559 Net assets acquired $ 1,271,998 Consideration paid Cash $ 1,272,187 Goodwill $ 189 The following table presents pro forma information as if the purchase was completed on January 1, 2015. The pro forma information includes adjustments for interest income on loans acquired and excludes acquisition / restructure expense. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Interest income $ 180,335 $ 162,990 $ 523,962 $ 423,792 Non-interest income 10,683 8,502 32,375 20,289 Net income available to common stockholders 65,349 65,006 194,095 162,769 Earnings per share - basic 0.63 0.65 1.89 1.76 Earnings per share - diluted 0.62 0.64 1.87 1.75 Bridge Capital Holdings On June 30, 2015, the Company completed its acquisition of Bridge Capital Holdings and its wholly-owned subsidiary, Bridge Bank, headquartered in San Jose, California. Under the terms of the acquisition, each outstanding share of Bridge common stock was exchanged for 0.8145 shares of WAL's common stock plus $2.39 in cash. The Company paid $36.5 million in cash and issued 12.5 million common shares for all equity interests in Bridge. The merger was undertaken, in part, because Bridge strengthens the Company's Northern California presence and provides new avenues for growth in technology and international services. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed were subject to adjustment during the first twelve months after the acquisition date if additional information became available to indicate a more accurate or appropriate value for an asset or liability. During the six months ended June 30, 2016, the Company identified $1.5 million in measurement period adjustments from the Bridge acquisition, primarily related to reductions in other assets and accrued liabilities. The measurement period for the Bridge acquisition ended on June 30, 2016, therefore, the fair values of these assets acquired and liabilities assumed are final. The following table presents pro forma information as if the Bridge acquisition was complete d on January 1, 2014. The pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction and interest expense on deposits acquired. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date. Three Months Ended September 30, 2015: Nine Months Ended September 30, 2015: (in thousands, except per share amounts) Interest income $ 141,386 $ 412,888 Non-interest income 13,826 24,873 Net income available to common stockholders (1) 56,791 147,163 Earnings per share - basic 0.56 1.39 Earnings per share - diluted 0.56 1.37 (1) Excludes acquisition / restructure related costs incurred by the Company and by Bridge of $0.8 million and $8.8 million for the three and nine months ended September 30, 2015, |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the Unaudited Consolidated Financial Statements. |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Unaudited Consolidated Financial Statements and related notes. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; estimated cash flows related to PCI loans; fair value determinations related to acquisitions and other assets and liabilities carried at fair value; and accounting for income taxes. |
Principles of Consolidation | Principles of consolidation As of September 30, 2016 , WAL has ten wholly-owned subsidiaries: WAB, LVSP, and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities. The Bank has the following significant wholly-owned subsidiaries: WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc., which hold certain investment securities, municipal and nonprofit loans, and leases; and BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities. The Company does not have any other significant entities that should be considered for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications Certain amounts in the Consolidated Financial Statements as of December 31, 2015 and for the three and nine months ended September 30, 2015 have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. |
Business Combinations | Business combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill during the measurement period and are recognized in the reporting period in which the adjustment amounts are determined. Results of operations of an acquired business are included in the Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. |
Investment Securities | Investment securities Investment securities may be classified as HTM, AFS, or measured at fair value. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities that the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or general economic conditions. These securities are carried at amortized cost. The sale of a security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. In May 2014, management reassessed its intent to hold certain CDOs classified as HTM, which necessitated a reclassification of all of the Company's HTM securities to AFS at the date of the transfer. As an extended period of time has passed since this reclassification was made, beginning in 2016, management believes that the Company is again able to assert that it has both the intent and ability to hold certain securities classified as HTM to maturity. See " Note 2. Investment Securities " of these Notes to Unaudited Consolidated Financial Statements for additional detail related to HTM securities. Securities classified as AFS or trading securities measured at fair value are reported as an asset in the Consolidated Balance Sheet at their estimated fair value. As the fair value of AFS securities changes, the changes are reported net of income tax as an element of OCI, except for other-than-temporarily-impaired securities. When AFS securities are sold, the unrealized gain or loss is reclassified from OCI to non-interest income. The changes in the fair values of trading securities are reported in non-interest income. Securities classified as AFS are both equity and debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. Interest income is recognized based on the coupon rate and increased by accretion of discounts earned or decreased by the amortization of premiums paid over the contractual life of the security, adjusted for prepayment estimates, using the interest method. In estimating whether there are any OTTI losses, management considers the 1) length of time and the extent to which the fair value has been less than amortized cost; 2) financial condition and near term prospects of the issuer; 3) impact of changes in market interest rates; and 4) intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value and whether it is not more likely than not the Company would be required to sell the security. Declines in the fair value of individual AFS debt securities that are deemed to be other-than-temporary are reflected in earnings when identified. The fair value of the debt security then becomes the new cost basis. For individual debt securities where the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in fair value of the debt security related to 1) credit loss is recognized in earnings; and 2) interest rate, market, or other factors is recognized in other comprehensive income or loss. For individual debt securities where the Company either intends to sell the security or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security's cost basis and its fair value at the balance sheet date. For individual debt securities for which a credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. |
Restricted Stock | Restricted stock On January 30, 2015, WAB became a member of the Federal Reserve System and, as part of its membership, is required to maintain stock in the FRB in a specified ratio to its capital. In addition, WAB is a member of the FHLB system and, accordingly, maintains an investment in capital stock of the FHLB based on the borrowing capacity used. The Bank also maintains an investment in its primary correspondent bank. All of these investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. The dividend income received from the stock is reported in interest income. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. |
Loans Held-for-sale | Loans, held for sale Loans, held for sale consist primarily of SBA and CRE loans that the Company originates (or acquires) and intends to sell. These loans are carried at the lower of aggregate cost or fair value. Fair value is determined based on available market data for similar assets, expected cash flows, and appraisals of underlying collateral or the credit quality of the borrower. Gains and losses on the sale of loans are recognized pursuant to ASC 860, Transfers and Servicing . Interest income of these loans is accrued daily and loan origination fees and costs are deferred and included in the cost basis of the loan. The Company issues various representations and warranties associated with these loan sales. The Company has not experienced any losses as a result of these representations and warranties. |
Loans Held for Investment | Loans, held for investment The Company generally holds loans for investment and has the intent and ability to hold loans until their maturity. Therefore, they are reported at book value. Net loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, purchase accounting fair value adjustments, and an allowance for credit losses. In addition, the book value of loans that are subject to a fair value hedge is adjusted for changes in value attributable to the effective portion of the hedged benchmark interest rate risk. The Company may also acquire loans through a business combination. These acquired loans are recorded at estimated fair value on the date of purchase, which is comprised of unpaid principal adjusted for estimated credit losses and interest rate fair value adjustments. Loans are evaluated individually to determine if there has been credit deterioration since origination. Such loans may then be aggregated and accounted for as a pool of loans based on common characteristics. When the Company acquires such loans, the yield that may be accreted (accretable yield) is limited to the excess of the Company’s estimate of undiscounted cash flows expected to be collected over the Company’s initial investment in the loan. The excess of contractual cash flows over the cash flows expected to be collected may not be recognized as an adjustment to yield, loss, or a valuation allowance. Subsequent increases in cash flows expected to be collected generally are recognized prospectively through adjustment of the loan’s yield over the remaining life. Subsequent decreases to cash flows expected to be collected are recognized as impairment. The Company may not carry over or create a valuation allowance in the initial accounting for loans acquired under these circumstances. For purchased loans that are not deemed impaired, fair value adjustments attributable to both credit and interest rates are accreted (or amortized) over the contractual life of the individual loan. For additional information, see " Note 3. Loans, Leases and Allowance for Credit Losses " of these Notes to Unaudited Consolidated Financial Statements. Loan fees collected for the origination of loans less direct loan origination costs (net deferred loan fees) are amortized over the contractual life of the loan through interest income. If the loan has scheduled payments, the amortization of the net deferred loan fee is calculated using the interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. When loans are repaid, any remaining unamortized balances of premiums, discounts, or net deferred fees are recognized as interest income. Non-accrual loans: For all loan types except credit cards, when a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. The Company ceases accruing interest income when the loan has become delinquent by more than 90 days or when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days delinquent. For all loan types, when a loan is placed on non-accrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed and, the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company recognizes income on a cash basis only for those non-accrual loans for which the collection of the remaining principal balance is not in doubt. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Impaired loans: A loan is identified as impaired when it is no longer probable that interest and principal will be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as non-accrual. However, in certain instances, impaired loans may continue on an accrual basis, if full repayment of all principal and interest is expected and the loan is both well secured and in the process of collection. Impaired loans are measured for reserve requirements in accordance with ASC 310, Receivables, based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral less applicable disposition costs if the loan is collateral dependent. The amount of an impairment reserve, if any, and any subsequent changes are recorded as a provision for credit losses. Losses are recorded as a charge-off when losses are confirmed. In addition to management's internal loan review process, regulators may from time to time direct the Company to modify loan grades, loan impairment calculations, or loan impairment methodology. Troubled Debt Restructured Loans : A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. A TDR loan is also considered impaired. A TDR loan may be returned to accrual status when the loan is brought current, has performed in accordance with the contractual restructured terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual restructured principal and interest is no longer in doubt. However, such loans continue to be considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. |
Allowance for Credit Losses | Allowance for credit losses Credit risk is inherent in the business of extending loans and leases to borrowers, for which the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses recorded to expense. Loans are charged against the allowance for credit losses when management believes that the contractual principal or interest will not be collected. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount believed adequate to absorb estimated probable losses on existing loans that may become uncollectable, based on evaluation of the collectability of loans and prior credit loss experience, together with other factors. The Company formally re-evaluates and establishes the appropriate level of the allowance for credit losses on a quarterly basis. The allowance consists of specific and general components. The specific allowance applies to impaired loans. For impaired collateral dependent loans, the reserve is calculated based on the collateral value, net of estimated disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The general allowance covers all non-impaired loans and is based on historical loss experience adjusted for various qualitative and quantitative factors listed below. The Company’s allowance for credit loss methodology incorporates several quantitative and qualitative risk factors used to establish the appropriate allowance for credit losses at each reporting date. Quantitative factors include: 1) the Company's historical loss experience; 2) levels of and trends in delinquencies and impaired loans; 3) levels of and trends in charge-offs and recoveries; 4) trends in volume and terms of loans; 5) changes in underwriting standards or lending policies; 6) experience, ability, depth of lending staff; 7) national and local economic trends and conditions; 8) changes in credit concentrations; 9) out-of-market exposures; 10) changes in quality of loan review system; and 11) changes in the value of underlying collateral. An internal ten -year loss history is also incorporated into the allowance calculation model. Due to the credit concentration of the Company's loan portfolio in real estate secured loans, the value of collateral is heavily dependent on real estate values in Nevada, Arizona, and California. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic or other conditions. In addition, regulators, as an integral part of their examination processes, periodically review the Bank's allowance for credit losses, and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examination. Management regularly reviews the assumptions and formulae used in determining the allowance and makes adjustments if required to reflect the current risk profile of the portfolio. |
Other Assets Acquired Through Foreclosure | Other assets acquired through foreclosure Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets (primarily repossessed assets formerly leased) are classified as OREO and other repossessed property and are initially reported at fair value of the asset less estimated selling costs. Subsequent adjustments are based on the lower of carrying value or fair value less estimated costs to sell the property. Costs related to the development or improvement of the assets are capitalized and costs related to holding the assets are charged to non-interest expense. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances. |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. During the three and nine months ended September 30, 2016 and 2015 , there were no events or circumstances that indicated that an interim impairment test of goodwill or other intangible assets was necessary. |
Treasury Shares | Treasury Shares Effective January 1, 2016, the Company has separately presented treasury shares, which represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. Prior period amounts have been adjusted to reflect this new presentation, with no change to total stockholders' equity. Treasury shares are carried at cost. |
Derivative Financial Instruments | Derivative financial instruments The Company uses interest-rate swaps to mitigate interest-rate risk associated with changes to 1) the fair value of certain fixed-rate financial instruments (fair value hedges) and 2) certain cash flows related to future interest payments on variable rate financial instruments (cash flow hedges). The Company recognizes derivatives as assets or liabilities in the Consolidated Balance Sheet at their fair value in accordance with ASC 815, Derivatives and Hedging . The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. On the date the derivative contract is entered into, the Company designates the derivative as a fair value hedge or cash flow hedge. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk are recorded in current-period earnings. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a cash flow hedge is recognized immediately in non-interest income in the Consolidated Income Statement. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Both at inception and at least quarterly thereafter, the Company assesses whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in either the fair value or cash flows of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation that the hedge will remain effective prospectively. The Company discontinues hedge accounting prospectively when it is determined that a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the Consolidated Balance Sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. Derivative instruments that are not designated as hedges, so called free-standing derivatives, are reported in the Consolidated Balance Sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. The Company may in the normal course of business purchase a financial instrument or originate a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where the host contract is measured at fair value, with changes in fair value reported in current earnings, or the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried in the Consolidated Balance Sheet at fair value and is not designated as a hedging instrument. |
Income Taxes | Income taxes The Company is subject to income taxes in the United States and files a consolidated federal income tax return with all of its subsidiaries, with the exception of BW Real Estate, Inc. Deferred income taxes are recorded to reflect the effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and their income tax bases using enacted tax rates that are expected to be in effect when the taxes are actually paid or recovered. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Net deferred tax assets are recorded to the extent that these assets will more-likely-than-not be realized. In making these determinations, all available positive and negative evidence is considered, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income, and recent operating results. If it is determined that deferred income tax assets to be realized in the future are in excess of their net recorded amount, an adjustment to the valuation allowance will be recorded, which will reduce the Company's provision for income taxes. A tax benefit from an unrecognized tax benefit may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including related appeals or litigation, based on technical merits. Income tax benefits must meet a more-likely-than-not recognition threshold at the effective date to be recognized. Interest and penalties related to unrecognized tax benefits are recognized as part of the provision for income taxes in the Consolidated Income Statement. Accrued interest and penalties are included in the related tax liability line with other liabilities in the Consolidated Balance Sheet. |
Off-Balance Sheet Instruments | Off-balance sheet instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Financial Statements when they are funded. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheet. Losses would be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. As with outstanding loans, the Company applies qualitative factors and utilization rates to its off-balance sheet obligations in determining an estimate of losses inherent in these contractual obligations. The estimate for credit losses on off-balance sheet instruments is included in other liabilities and the charge to income that establishes this liability is included in non-interest expense. The Company also has off-balance sheet arrangements related to its derivative instruments. Derivative instruments are recognized in the Consolidated Financial Statements at fair value and their notional values are carried off-balance sheet. |
Fair Values of Financial Instruments | Fair values of financial instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. ASC 820, Fair Value Measurement , establishes a framework for measuring fair value and a three-level valuation hierarchy for disclosure of fair value measurement as well as enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The Company uses various valuation approaches, including market, income, and/or cost approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would consider in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs, as follows: • Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.) or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market. • Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models, and similar techniques. The availability of observable inputs varies based on the nature of the specific financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant who may purchase the asset or assume the liability rather than an entity-specific measure. When market assumptions are available, ASC 820 requires the Company to make assumptions regarding the assumptions that market participants would use to estimate the fair value of the financial instrument at the measurement date. ASC 825, Financial Instruments , requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at September 30, 2016 and 2015 . The estimated fair value amounts for September 30, 2016 and 2015 have been measured as of period-end, and have not been re-evaluated or updated for purposes of these Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at period-end. The information in " Note 13. Fair Value Accounting " in these Notes to Unaudited Consolidated Financial Statements should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company’s disclosures and those of other companies or banks may not be meaningful. The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: Cash and cash equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks approximate their fair value. Money market investments The carrying amounts reported in the Consolidated Balance Sheets for money market investments approximate their fair value. Investment securities The fair values of CRA investments, mutual funds, and exchange-listed preferred stock are based on quoted market prices and are categorized as Level 1 in the fair value hierarchy. The fair values of other investment securities were determined based on matrix pricing. Matrix pricing is a mathematical technique that utilizes observable market inputs including, for example, yield curves, credit ratings, and prepayment speeds. Fair values determined using matrix pricing are generally categorized as Level 2 in the fair value hierarchy. The Company owns certain CDOs for which quoted prices are not available. Quoted prices for similar assets are also not available for these investment securities. In order to determine the fair value of these securities, the Company engages a third party to estimate the future cash flows and discount rate using third party quotes adjusted based on assumptions a market participant would assume necessary for each specific security. As a result of the lack of an active market, the resulting fair values have been categorized as Level 3 in the fair value hierarchy. Restricted stock WAB is a member of the Federal Reserve System and the FHLB and, accordingly, maintains investments in the capital stock of the FRB and the FHLB. WAB also maintains an investment in its primary correspondent bank. These investments are carried at cost since no ready market exists for them, and they have no quoted market value. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. The fair values of these investments have been categorized as Level 2 in the fair value hierarchy. Loans The fair value of loans is estimated based on discounted cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality and adjustments that the Company believes a market participant would consider in determining fair value based on a third party independent valuation. As a result, the fair value for loans is categorized as Level 2 in the fair value hierarchy, excluding impaired loans which are categorized as Level 3. Accrued interest receivable and payable The carrying amounts reported in the Consolidated Balance Sheets for accrued interest receivable and payable approximate their fair value. Derivative financial instruments All derivatives are recognized in the Consolidated Balance Sheets at their fair value. The fair value for derivatives is determined based on market prices, broker-dealer quotations on similar products, or other related input parameters. As a result, the fair values have been categorized as Level 2 in the fair value hierarchy. Deposits The fair value disclosed for demand and savings deposits is by definition equal to the amount payable on demand at their reporting date (that is, their carrying amount), which the Company believes a market participant would consider in determining fair value. The carrying amount for variable-rate deposit accounts approximates their fair value. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on these deposits. The fair value measurement of the deposit liabilities is categorized as Level 2 in the fair value hierarchy. FHLB advances and other borrowed funds The fair values of the Company’s borrowings are estimated using discounted cash flow analyses, based on the market rates for similar types of borrowing arrangements. The FHLB advances have been categorized as Level 2 in the fair value hierarchy due to their short durations. Other borrowings have been categorized as Level 3 in the fair value hierarchy. Subordinated debt The fair value of subordinated debt is based on the market rate for the respective subordinated debt security. Subordinated debt has been categorized as Level 3 in the fair value hierarchy. Junior subordinated debt Junior subordinated debt is valued based on a discounted cash flow model which uses as inputs Treasury Bond rates and the 'BB' rated financial index. Junior subordinated debt has been categorized as Level 3 in the fair value hierarchy. Off-balance sheet instruments The fair value of the Company’s off-balance sheet instruments (lending commitments and standby letters of credit) is based on quoted fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, and the counterparties’ credit standing. |
Recent Accounting Pronouncements | Recent accounting pronouncements In June 2014, the FASB issued guidance within ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . The amendments in ASU 2014-12 to Topic 718, Compensation - Stock Compensation, provide explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. An entity may elect to apply the amendments either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. In August 2014, the FASB issued guidance within ASU 2014-15, Presentation of Financial Statements - Going Concern . The amendments in ASU 2014-15 to Subtopic 205-40, Going Concern, provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. In February 2015, the FASB issued guidance within ASU 2015-02, Amendments to the Consolidation Analysis . The amendments in ASU 2015-02 to Topic 810, Consolidation, change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. An entity may apply the amendments in this Update using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or, may apply the amendments retrospectively. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. In November 2015, the FASB issued guidance within ASU 2015-17, Income Taxes . The amendments in ASU 2015-17 to Topic 740, Income Taxes, changes the presentation of deferred income tax liabilities and assets, from previously bifurcated current and noncurrent, to a single noncurrent amount on the classified statement of financial position. The amendment is effective from the annual period ending after December 15, 2016, and for and interim periods within those annual periods. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2016, the FASB issued guidance within ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities . The amendments in ASU 2016-01 to Subtopic 825-10, Financial Instruments, contain the following elements: 1) requires equity investments to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5) requires an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements; 7) clarifies that the entity should evaluate the need for a valuation allowance on a deferred tax asset related to AFS securities in combination with the entity's other deferred tax assets. The amendments are effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Except for the early application of the amendment noted in item 5) above (which the Company elected to early adopt effective January 1, 2015 as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015), early adoption of the amendments in this Update is not permitted. The adoption of the other amendments in this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In February 2016, the FASB issued guidance within ASU 2016-02, Leases . The amendments in ASU 2016-02 to Topic 842, Leases, require lessees to recognize the lease assets and lease liabilities arising from operating leases in the statement of financial position. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued guidance within ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships . The amendments in ASU 2016-05 to Topic 815, Derivatives and Hedging, clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. An entity has the option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In March 2016, the FASB issued guidance within ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . The amendments in ASU 2016-09 to Topic 718, Compensation - Stock Compensation, require recognition of all excess tax benefits and tax deficiencies through income tax expense or benefit in the income statement. Other amendments in this ASU include guidance on the classification of share-based payment transactions in the statement of cash flows and an option to account for forfeitures of share-based awards as they occur rather than estimating the compensation cost based on the number of awards that are expected to vest. The amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. Effective January 1, 2016, the Company elected early adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . As a result of adoption, the Company recognized a $3.9 million tax benefit as a reduction of income tax expense during the three months ended March 31, 2016. During the nine months ended September 30, 2016, the Company recognized a $4.1 million tax benefit related to adoption of this new guidance. The Company has elected to continue to estimate compensation cost based on the number of awards that are expected to vest. The adoption of this guidance did not have a significant impact on the Company's Consolidated Statement of Cash Flows. In June 2016, the FASB issued guidance within ASU 2016-13, Measurement of Credit Losses on Financial Instruments . The amendments in ASU 2016-13 to Topic 326, Financial Instruments - Credit Losses, require that an organization measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU also requires enhanced disclosures, including qualitative and quantitative disclosures that provide additional information about the amounts recorded in the financial statements. Additionally, the ASU amends the accounting for credit losses on AFS debt securities and purchased financial assets with credit deterioration. The amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Financial Statements and related disclosures. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Carrying Amounts and Fair Values of Investment Securities | The carrying amounts and fair values of investment securities at September 30, 2016 and December 31, 2015 are summarized as follows: September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (in thousands) Held-to-maturity Tax-exempt bonds $ 52,421 $ 3,296 $ — $ 55,717 Available-for-sale Collateralized debt obligations $ 50 $ 10,502 $ — $ 10,552 Commercial MBS issued by GSEs 126,814 422 (641 ) 126,595 Corporate debt securities 25,062 566 — 25,628 CRA investments 37,471 282 — 37,753 Municipal obligations 387,250 17,525 (1,358 ) 403,417 Preferred stock 104,621 5,886 (28 ) 110,479 Private label residential MBS 461,066 2,896 (871 ) 463,091 Residential MBS issued by GSEs 1,381,198 15,813 (1,326 ) 1,395,685 Trust preferred securities 32,000 — (7,555 ) 24,445 U.S. government sponsored agency securities 59,000 81 (80 ) 59,001 U.S. treasury securities 2,496 40 — 2,536 Total AFS securities $ 2,617,028 $ 54,013 $ (11,859 ) $ 2,659,182 Securities measured at fair value Residential MBS issued by GSEs $ 1,279 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (in thousands) Available-for-sale Collateralized debt obligations $ 50 $ 10,059 $ (49 ) $ 10,060 Commercial MBS issued by GSEs 19,147 72 (105 ) 19,114 Corporate debt securities 12,769 482 — 13,251 CRA investments 34,722 — (37 ) 34,685 Municipal obligations 320,087 14,743 — 334,830 Preferred stock 108,417 4,286 (1,467 ) 111,236 Private label commercial MBS 4,685 6 — 4,691 Private label residential MBS 261,530 5 (4,407 ) 257,128 Residential MBS issued by GSEs 1,169,631 5,254 (4,664 ) 1,170,221 Trust preferred securities 32,000 — (7,686 ) 24,314 U.S. treasury securities 2,996 — (3 ) 2,993 Total AFS securities $ 1,966,034 $ 34,907 $ (18,418 ) $ 1,982,523 Securities measured at fair value Residential MBS issued by GSEs $ 1,481 |
Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position | Information pertaining to securities with gross unrealized losses at September 30, 2016 and December 31, 2015 , aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: September 30, 2016 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (in thousands) Available-for-sale Commercial MBS issued by GSEs $ 641 $ 82,249 $ — $ — $ 641 $ 82,249 Municipal obligations 1,358 75,042 — — 1,358 75,042 Preferred stock 9 5,880 19 1,504 28 7,384 Private label residential MBS 741 152,364 130 19,412 871 171,776 Residential MBS issued by GSEs 1,259 248,285 67 5,875 1,326 254,160 Trust preferred securities — — 7,555 24,445 7,555 24,445 U.S. government sponsored agency securities 80 14,920 — — 80 14,920 Total AFS securities $ 4,088 $ 578,740 $ 7,771 $ 51,236 $ 11,859 $ 629,976 December 31, 2015 Less Than Twelve Months More Than Twelve Months Total Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value (in thousands) Available-for-sale Collateralized debt obligations $ 49 $ 1 $ — $ — $ 49 $ 1 Commercial MBS issued by GSEs 105 17,051 — — 105 17,051 CRA investments 37 24,729 — — 37 24,729 Preferred stock 377 10,542 1,090 14,761 1,467 25,303 Private label residential MBS 3,733 226,720 674 30,372 4,407 257,092 Residential MBS issued by GSEs 3,566 536,515 1,098 38,338 4,664 574,853 Trust preferred securities — — 7,686 24,314 7,686 24,314 U.S. treasury securities 3 2,006 — — 3 2,006 Total AFS securities $ 7,870 $ 817,564 $ 10,548 $ 107,785 $ 18,418 $ 925,349 |
Amortized Cost and Fair Value of Investment Securities by Contractual Maturities | The table below shows the amortized cost and fair value of securities as of September 30, 2016 , by contractual maturities. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary. September 30, 2016 Amortized Cost Estimated Fair Value (in thousands) Held-to-maturity After five years through ten years $ 15,363 $ 15,508 After ten years 37,058 40,209 Total HTM securities $ 52,421 $ 55,717 Available-for-sale Due in one year or less $ 40,295 $ 40,695 After one year through five years 48,744 50,645 After five years through ten years 150,034 155,411 After ten years 408,877 427,060 Mortgage-backed securities 1,969,078 1,985,371 Total AFS securities $ 2,617,028 $ 2,659,182 |
Investment Securities by Credit Rating Type | The following tables summarize the carrying amount of the Company’s investment ratings position as of September 30, 2016 and December 31, 2015 : September 30, 2016 AAA Split-rated AAA/AA+ AA+ to AA- A+ to A- BBB+ to BBB- BB+ and below Unrated Totals (in thousands) Held-to-maturity Tax-exempt bonds $ — $ — $ — $ — $ — $ — $ 52,421 $ 52,421 Available-for-sale Collateralized debt obligations $ — $ — $ — $ — $ — $ 10,552 $ — $ 10,552 Commercial MBS issued by GSEs — 126,595 — — — — — 126,595 Corporate debt securities — — 5,628 — 20,000 — — 25,628 CRA investments — — — — — — 37,753 37,753 Municipal obligations 14,602 — 288,888 99,757 — 170 — 403,417 Preferred stock — — — — 76,664 15,510 18,305 110,479 Private label residential MBS 406,781 — 49,927 4,751 1,288 344 — 463,091 Residential MBS issued by GSEs — 1,395,685 — — — — — 1,395,685 Trust preferred securities — — — — 24,445 — — 24,445 U.S. government sponsored agency securities — 59,001 — — — — — 59,001 U.S. treasury securities — 2,536 — — — — — 2,536 Total AFS securities (1) $ 421,383 $ 1,583,817 $ 344,443 $ 104,508 $ 122,397 $ 26,576 $ 56,058 $ 2,659,182 Securities measured at fair value Residential MBS issued by GSEs $ — $ 1,279 $ — $ — $ — $ — $ — $ 1,279 (1) Where ratings differ, the Company uses the average of the ratings by S&P, Moody’s, and Fitch. December 31, 2015 AAA Split-rated AAA/AA+ AA+ to AA- A+ to A- BBB+ to BBB- BB+ and below Unrated Totals (in thousands) Available-for-sale Collateralized debt obligations $ — $ — $ — $ — $ — $ 10,060 $ — $ 10,060 Commercial MBS issued by GSEs — 19,114 — — — — — 19,114 Corporate debt securities — — 2,721 5,489 5,041 — — 13,251 CRA investments — — — — — — 34,685 34,685 Municipal obligations 7,949 — 180,460 131,110 6,243 180 8,888 334,830 Preferred stock — — — — 79,955 23,655 7,626 111,236 Private label commercial MBS 4,691 — — — — — — 4,691 Private label residential MBS 235,605 — 40 3,186 1,750 2,705 13,842 257,128 Residential MBS issued by GSEs — 1,170,221 — — — — — 1,170,221 Trust preferred securities — — — — 24,314 — — 24,314 U.S. treasury securities — 2,993 — — — — — 2,993 Total AFS securities (1) $ 248,245 $ 1,192,328 $ 183,221 $ 139,785 $ 117,303 $ 36,600 $ 65,041 $ 1,982,523 Securities measured at fair value Residential MBS issued by GSEs $ — $ 1,481 $ — $ — $ — $ — $ — $ 1,481 (1) Where ratings differ, the Company uses the average of the ratings by S&P, Moody’s, and Fitch. |
Gross Gains and (Losses) on Sales of Investment Securities | The following table presents gross gains and losses on sales of investment securities: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Gross gains $ — $ — $ 2,057 $ 1,103 Gross losses — (62 ) (1,056 ) (521 ) Net gains on sales of investment securities $ — $ (62 ) $ 1,001 $ 582 |
Loans, Leases and Allowance f26
Loans, Leases and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses | The composition of the Company’s held for investment loan portfolio is as follows: September 30, 2016 December 31, 2015 (in thousands) Commercial and industrial $ 5,603,605 $ 5,114,257 Commercial real estate - non-owner occupied 3,623,417 2,283,536 Commercial real estate - owner occupied 1,983,945 2,083,285 Construction and land development 1,379,735 1,133,439 Residential real estate 271,808 322,939 Commercial leases 111,361 148,493 Consumer 38,391 26,905 Loans, net of deferred loan fees and costs 13,012,262 11,112,854 Allowance for credit losses (122,884 ) (119,068 ) Total loans HFI $ 12,889,378 $ 10,993,786 |
Contractual Aging of Loan Portfolio by Class of Loans Including Loans Held for Sale and Excluding Deferred Fees/Costs | The following table presents the contractual aging of the recorded investment in past due loans held for investment by class of loans: September 30, 2016 Current 30-59 Days 60-89 Days Over 90 days Total Total (in thousands) Commercial real estate Owner occupied $ 1,978,680 $ 1,048 $ — $ 4,217 $ 5,265 $ 1,983,945 Non-owner occupied 3,406,304 1,135 — 2,106 3,241 3,409,545 Multi-family 213,872 — — — — 213,872 Commercial and industrial Commercial 5,582,418 9,290 2,539 9,358 21,187 5,603,605 Leases 110,993 330 — 38 368 111,361 Construction and land development Construction 913,299 1,625 — — 1,625 914,924 Land 463,528 — — 1,283 1,283 464,811 Residential real estate 262,495 149 4,095 5,069 9,313 271,808 Consumer 38,189 31 — 171 202 38,391 Total loans $ 12,969,778 $ 13,608 $ 6,634 $ 22,242 $ 42,484 $ 13,012,262 December 31, 2015 Current 30-59 Days 60-89 Days Over 90 days Total Total (in thousands) Commercial real estate Owner occupied $ 2,078,968 $ 445 $ 362 $ 3,510 $ 4,317 $ 2,083,285 Non-owner occupied 2,099,274 2,481 — 2,822 5,303 2,104,577 Multi-family 178,959 — — — — 178,959 Commercial and industrial Commercial 5,066,197 26,358 14,124 7,578 48,060 5,114,257 Leases 145,905 — — 2,588 2,588 148,493 Construction and land development Construction 694,527 — — — — 694,527 Land 438,495 — — 417 417 438,912 Residential real estate 317,677 888 159 4,215 5,262 322,939 Consumer 26,587 12 91 215 318 26,905 Total loans $ 11,046,589 $ 30,184 $ 14,736 $ 21,345 $ 66,265 $ 11,112,854 |
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class | The following table presents the recorded investment in non-accrual loans and loans past due ninety days or more and still accruing interest by class of loans: September 30, 2016 December 31, 2015 Non-accrual loans Loans past due 90 days or more and still accruing Non-accrual loans Loans past due 90 days or more and still accruing Current Past Due/ Total Current Past Due/ Total (in thousands) Commercial real estate Owner occupied $ 1,042 $ 4,217 $ 5,259 $ — $ 749 $ 3,253 $ 4,002 $ 339 Non-owner occupied 7,874 — 7,874 2,106 11,851 2,822 14,673 — Multi-family — — — — — — — — Commercial and industrial Commercial 9,771 10,049 19,820 705 3,263 15,026 18,289 2,671 Leases — 364 364 — — 2,588 2,588 — Construction and land development Construction — — — — — — — — Land — 1,284 1,284 — 1,892 417 2,309 — Residential real estate 442 5,401 5,843 — 1,835 4,489 6,324 — Consumer — 164 164 7 — 196 196 18 Total $ 19,129 $ 21,479 $ 40,608 $ 2,817 $ 19,590 $ 28,791 $ 48,381 $ 3,028 |
Loans by Risk Rating | The following tables present HFI loans by risk rating: September 30, 2016 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Commercial real estate Owner occupied $ 1,945,850 $ 20,551 $ 15,309 $ 2,235 $ — $ 1,983,945 Non-owner occupied 3,327,622 34,749 47,174 — — 3,409,545 Multi-family 213,675 197 — — — 213,872 Commercial and industrial Commercial 5,474,770 71,290 57,545 — — 5,603,605 Leases 110,966 68 327 — — 111,361 Construction and land development Construction 906,401 6,094 2,429 — — 914,924 Land 451,308 344 13,159 — — 464,811 Residential real estate 260,919 347 10,542 — — 271,808 Consumer 38,144 42 205 — — 38,391 Total $ 12,729,655 $ 133,682 $ 146,690 $ 2,235 $ — $ 13,012,262 September 30, 2016 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Current (up to 29 days past due) $ 12,725,833 $ 123,115 $ 118,595 $ 2,235 $ — $ 12,969,778 Past due 30 - 59 days 3,784 9,025 799 — — 13,608 Past due 60 - 89 days 26 1,188 5,420 — — 6,634 Past due 90 days or more 12 354 21,876 — — 22,242 Total $ 12,729,655 $ 133,682 $ 146,690 $ 2,235 $ — $ 13,012,262 December 31, 2015 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Commercial real estate Owner occupied $ 2,032,932 $ 28,422 $ 20,814 $ 1,117 $ — $ 2,083,285 Non-owner occupied 2,054,428 14,867 35,282 — — 2,104,577 Multi-family 178,959 — — — — 178,959 Commercial and industrial Commercial 4,962,930 76,283 74,294 750 — 5,114,257 Leases 140,531 4,580 794 2,588 — 148,493 Construction and land development Construction 678,438 16,089 — — — 694,527 Land 420,819 362 17,731 — — 438,912 Residential real estate 310,067 776 12,096 — — 322,939 Consumer 26,438 209 258 — — 26,905 Total $ 10,805,542 $ 141,588 $ 161,269 $ 4,455 $ — $ 11,112,854 December 31, 2015 Pass Special Mention Substandard Doubtful Loss Total (in thousands) Current (up to 29 days past due) $ 10,799,558 $ 140,932 $ 104,232 $ 1,867 $ — $ 11,046,589 Past due 30 - 59 days 1,907 271 28,006 — — 30,184 Past due 60 - 89 days 4,077 385 10,274 — — 14,736 Past due 90 days or more — — 18,757 2,588 — 21,345 Total $ 10,805,542 $ 141,588 $ 161,269 $ 4,455 $ — $ 11,112,854 |
Recorded Investment in Loans Classified as Impaired | The table below reflects the recorded investment in loans classified as impaired: September 30, 2016 December 31, 2015 (in thousands) Impaired loans with a specific valuation allowance under ASC 310 (1) $ 13,409 $ 24,287 Impaired loans without a specific valuation allowance under ASC 310 (2) 91,346 104,587 Total impaired loans $ 104,755 $ 128,874 Valuation allowance related to impaired loans (3) $ (4,775 ) $ (4,658 ) (1) Includes TDR loans of $0.5 million and $3.0 million at September 30, 2016 and December 31, 2015 , respectively. (2) Includes TDR loans of $59.5 million and $85.9 million at September 30, 2016 and December 31, 2015 , respectively. (3) Includes valuation allowance related to TDR loans of $0.1 million and $0.3 million at September 30, 2016 and December 31, 2015 , respectively. The following table presents the average investment in impaired loans and income recognized on impaired loans: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Average balance on impaired loans $ 106,357 $ 145,161 $ 112,901 $ 154,510 Interest income recognized on impaired loans, accrual basis 959 1,303 3,122 3,613 Interest recognized on non-accrual loans, cash basis 245 208 642 1,409 |
Impaired Loans by Loan Class | The following table presents impaired loans by class: September 30, 2016 December 31, 2015 (in thousands) Commercial real estate Owner occupied $ 17,425 $ 23,153 Non-owner occupied 29,066 41,081 Multi-family — — Commercial and industrial Commercial 25,219 26,513 Leases 330 2,896 Construction and land development Construction 3 — Land 15,335 18,322 Residential real estate 17,122 16,575 Consumer 255 334 Total $ 104,755 $ 128,874 |
Average Investment in Impaired Loans by Loan Class | The following table presents average investment in impaired loans by loan class: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Commercial real estate Owner occupied $ 17,155 $ 29,453 $ 19,323 $ 37,043 Non-owner occupied 29,978 57,178 31,635 60,817 Multi-family — — — — Commercial and industrial Commercial 25,662 16,938 27,221 14,202 Leases 331 3,658 904 2,965 Construction and land development Construction — — — — Land 16,699 18,801 17,632 19,949 Residential real estate 16,272 18,662 15,890 19,137 Consumer 260 471 296 397 Total $ 106,357 $ 145,161 $ 112,901 $ 154,510 |
Interest Income on Impaired Loans by Loan Class | The following table presents interest income on impaired loans by class: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Commercial real estate Owner occupied $ 211 $ 373 $ 753 $ 1,200 Non-owner occupied 285 468 936 1,158 Multi-family — — — — Commercial and industrial Commercial 90 73 319 212 Leases 4 — 40 — Construction and land development Construction — — — — Land 240 199 686 591 Residential real estate 128 188 384 447 Consumer 1 2 4 5 Total $ 959 $ 1,303 $ 3,122 $ 3,613 |
Tabular Disclosure of Nonperforming Assets | The following table summarizes nonperforming assets: September 30, 2016 December 31, 2015 (in thousands) Non-accrual loans (1) $ 40,608 $ 48,381 Loans past due 90 days or more on accrual status (2) 2,817 3,028 Accruing troubled debt restructured loans 54,704 70,707 Total nonperforming loans 98,129 122,116 Other assets acquired through foreclosure, net 49,619 43,942 Total nonperforming assets $ 147,748 $ 166,058 (1) Includes non-accrual TDR loans of $5.4 million and $18.2 million at September 30, 2016 and December 31, 2015 , respectively. |
Schedule of Contractually Required Principal Payments, Cash Flows Expected to be Collected and Estimated Fair Value of Loans Acquired | The following table presents information regarding the contractually required principal payments receivable, cash flows expected to be collected, and the preliminary estimated fair value of loans acquired in the HFF asset purchase as of April 20, 2016, the closing date of the transaction. See " Note 15. Mergers and Acquisitions " of these Notes to Unaudited Consolidated Financial Statements for additional details related to the purchase. April 20, 2016 Commercial Real Estate Construction and Land Development Total (in thousands) Contractually required principal and interest payments: PCI $ 143,734 $ 16,088 $ 159,822 Non-PCI 1,579,064 103,914 1,682,978 Total loans acquired 1,722,798 120,002 1,842,800 Cash flows expected to be collected: PCI 107,865 11,754 119,619 Non-PCI 1,315,523 80,955 1,396,478 Total loans acquired 1,423,388 92,709 1,516,097 Fair value of loans acquired: PCI 85,329 7,938 93,267 Non-PCI 1,122,419 65,311 1,187,730 Total loans acquired $ 1,207,748 $ 73,249 $ 1,280,997 |
Accretable Yield Table | Changes in the accretable yield for loans acquired with deteriorated credit quality are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Balance, at beginning of period $ 15,863 $ 17,190 $ 15,925 $ 19,156 Additions due to acquisition — — 4,301 857 Measurement period adjustments — 38 — 38 Reclassifications from non-accretable to accretable yield (1) 119 597 119 1,292 Accretion to interest income (901 ) (1,056 ) (2,570 ) (3,146 ) Reversal of fair value adjustments upon disposition of loans (578 ) (398 ) (3,272 ) (1,826 ) Balance, at end of period $ 14,503 $ 16,371 $ 14,503 $ 16,371 (1) The primary drivers of reclassification from non-accretable to accretable yield resulted from changes in estimated cash flows. |
Allowances for Credit Losses | The following table summarizes the changes in the allowance for credit losses by portfolio type: Three Months Ended September 30, Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Total (in thousands) 2016 Beginning Balance $ 21,386 $ 24,867 $ 4,546 $ 70,547 $ 758 $ 122,104 Charge-offs — 72 79 2,558 — 2,709 Recoveries (302 ) (521 ) (179 ) (466 ) (21 ) (1,489 ) Provision (347 ) (450 ) (513 ) 3,406 (96 ) 2,000 Ending balance $ 21,341 $ 24,866 $ 4,133 $ 71,861 $ 683 $ 122,884 2015 Beginning Balance $ 19,537 $ 28,946 $ 6,399 $ 59,589 $ 585 $ 115,056 Charge-offs — — 8 1,109 — 1,117 Recoveries (329 ) (1,401 ) (232 ) (1,147 ) (24 ) (3,133 ) Provision 419 (5,173 ) (1,313 ) 6,152 (85 ) — Ending balance $ 20,285 $ 25,174 $ 5,310 $ 65,779 $ 524 $ 117,072 Nine Months Ended September 30, Construction and Land Development Commercial Real Estate Residential Real Estate Commercial and Industrial Consumer Total (in thousands) 2016 Beginning Balance $ 18,976 $ 23,160 $ 5,278 $ 71,181 $ 473 $ 119,068 Charge-offs — 726 105 11,210 120 12,161 Recoveries (455 ) (4,956 ) (589 ) (2,846 ) (131 ) (8,977 ) Provision 1,910 (2,524 ) (1,629 ) 9,044 199 7,000 Ending balance $ 21,341 $ 24,866 $ 4,133 $ 71,861 $ 683 $ 122,884 2015 Beginning Balance $ 18,558 $ 28,783 $ 7,456 $ 54,566 $ 853 $ 110,216 Charge-offs — — 626 3,273 107 4,006 Recoveries (1,859 ) (3,522 ) (1,949 ) (2,744 ) (88 ) (10,162 ) Provision (132 ) (7,131 ) (3,469 ) 11,742 (310 ) 700 Ending balance $ 20,285 $ 25,174 $ 5,310 $ 65,779 $ 524 $ 117,072 The following table presents impairment method information related to loans and allowance for credit losses by loan portfolio segment: Commercial Real Estate-Owner Occupied Commercial Real Estate-Non-Owner Occupied Commercial and Industrial Residential Real Estate Construction and Land Development Commercial Leases Consumer Total Loans (in thousands) Loans as of September 30, 2016: Recorded Investment: Impaired loans with an allowance recorded $ 3,245 $ — $ 9,881 $ 264 $ — $ — $ 19 $ 13,409 Impaired loans with no allowance recorded 14,183 29,066 15,337 16,858 15,335 330 237 91,346 Total loans individually evaluated for impairment 17,428 29,066 25,218 17,122 15,335 330 256 104,755 Loans collectively evaluated for impairment 1,954,861 3,477,105 5,577,980 254,043 1,332,468 111,031 38,135 12,745,623 Loans acquired with deteriorated credit quality 11,656 117,246 407 643 31,932 — — 161,884 Total recorded investment $ 1,983,945 $ 3,623,417 $ 5,603,605 $ 271,808 $ 1,379,735 $ 111,361 $ 38,391 $ 13,012,262 Unpaid Principal Balance Impaired loans with an allowance recorded $ 3,245 $ — $ 10,134 $ 319 $ — $ — $ 19 $ 13,717 Impaired loans with no allowance recorded 56,562 54,908 86,653 44,175 79,826 482 3,960 326,566 Total loans individually evaluated for impairment 59,807 54,908 96,787 44,494 79,826 482 3,979 340,283 Loans collectively evaluated for impairment 1,954,861 3,477,105 5,577,980 254,043 1,332,468 111,031 38,135 12,745,623 Loans acquired with deteriorated credit quality 15,213 149,568 5,480 742 33,345 — — 204,348 Total unpaid principal balance $ 2,029,881 $ 3,681,581 $ 5,680,247 $ 299,279 $ 1,445,639 $ 111,513 $ 42,114 $ 13,290,254 Related Allowance for Credit Losses Impaired loans with an allowance recorded $ 949 $ — $ 3,751 $ 74 $ — $ — $ 1 $ 4,775 Impaired loans with no allowance recorded — — — — — — — — Total loans individually evaluated for impairment 949 — 3,751 74 — — 1 4,775 Loans collectively evaluated for impairment 11,990 11,188 67,777 4,059 21,341 — 682 117,037 Loans acquired with deteriorated credit quality — 739 333 — — — — 1,072 Total allowance for credit losses $ 12,939 $ 11,927 $ 71,861 $ 4,133 $ 21,341 $ — $ 683 $ 122,884 Commercial Real Estate-Owner Occupied Commercial Real Estate-Non-Owner Occupied Commercial and Industrial Residential Real Estate Construction and Land Development Commercial Leases Consumer Total Loans (in thousands) Loans as of December 31, 2015: Recorded Investment: Impaired loans with an allowance recorded $ 2,778 $ 2,344 $ 18,230 $ 914 $ — $ — $ 21 $ 24,287 Impaired loans with no allowance recorded 20,375 38,737 8,283 15,661 18,322 2,896 313 104,587 Total loans individually evaluated for impairment 23,153 41,081 26,513 16,575 18,322 2,896 334 128,874 Loans collectively evaluated for impairment 2,044,934 2,180,250 5,085,299 303,372 1,115,117 145,597 26,571 10,901,140 Loans acquired with deteriorated credit quality 15,198 62,205 2,445 2,992 — — — 82,840 Total recorded investment $ 2,083,285 $ 2,283,536 $ 5,114,257 $ 322,939 $ 1,133,439 $ 148,493 $ 26,905 $ 11,112,854 Unpaid Principal Balance Impaired loans with an allowance recorded $ 2,778 $ 2,344 $ 19,233 $ 969 $ — $ — $ 21 $ 25,345 Impaired loans with no allowance recorded 63,709 61,692 71,773 44,142 82,800 5,229 3,923 333,268 Total loans individually evaluated for impairment 66,487 64,036 91,006 45,111 82,800 5,229 3,944 358,613 Loans collectively evaluated for impairment 2,044,934 2,180,250 5,085,299 303,372 1,115,117 145,597 26,571 10,901,140 Loans acquired with deteriorated credit quality 20,227 88,181 7,820 3,536 — — — 119,764 Total unpaid principal balance $ 2,131,648 $ 2,332,467 $ 5,184,125 $ 352,019 $ 1,197,917 $ 150,826 $ 30,515 $ 11,379,517 Related Allowance for Credit Losses Impaired loans with an allowance recorded $ 858 $ 11 $ 3,518 $ 270 $ — $ — $ 1 $ 4,658 Impaired loans with no allowance recorded — — — — — — — — Total loans individually evaluated for impairment 858 11 3,518 270 — — 1 4,658 Loans collectively evaluated for impairment 10,953 11,302 65,806 5,008 18,976 1,857 472 114,374 Loans acquired with deteriorated credit quality — 36 — — — — — 36 Total allowance for credit losses $ 11,811 $ 11,349 $ 69,324 $ 5,278 $ 18,976 $ 1,857 $ 473 $ 119,068 |
Troubled Debt Restructured Loans by Loan Class | The following table presents information on the financial effects of TDR loans by class for the three and nine months ended September 30, 2015 : Three Months Ended September 30, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Forgiven Principal Balance Lost Interest Income Post-Modification Outstanding Recorded Investment Waived Fees and Other Expenses (dollars in thousands) Commercial real estate Owner occupied — $ — $ — $ — $ — $ — Non-owner occupied 1 193 — — 193 — Multi-family — — — — — — Commercial and industrial Commercial — — — — — — Leases — — — — — — Construction and land development Construction — — — — — — Land — — — — — — Residential real estate 1 81 — 3 78 4 Consumer — — — — — — Total 2 $ 274 $ — $ 3 $ 271 $ 4 |
Troubled Debt Restructured Loans by Class for Which There was a Payment Default | The Company did not have any new TDR loans during the three and nine months ended September 30, 2016 . The following table presents information on the financial effects of TDR loans by class for the three and nine months ended September 30, 2015 : Three Months Ended September 30, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Forgiven Principal Balance Lost Interest Income Post-Modification Outstanding Recorded Investment Waived Fees and Other Expenses (dollars in thousands) Commercial real estate Owner occupied — $ — $ — $ — $ — $ — Non-owner occupied 1 193 — — 193 — Multi-family — — — — — — Commercial and industrial Commercial — — — — — — Leases — — — — — — Construction and land development Construction — — — — — — Land — — — — — — Residential real estate 1 81 — 3 78 4 Consumer — — — — — — Total 2 $ 274 $ — $ 3 $ 271 $ 4 Nine Months Ended September 30, 2015 Number of Loans Pre-Modification Outstanding Recorded Investment Forgiven Principal Balance Lost Interest Income Post-Modification Outstanding Recorded Investment Waived Fees and Other Expenses (dollars in thousands) Commercial real estate Owner occupied — $ — $ — $ — $ — $ — Non-owner occupied 1 193 — — 193 — Multi-family — — — — — — Commercial and industrial Commercial 1 256 — — 256 — Leases — — — — — — Construction and land development Construction — — — — — — Land — — — — — — Residential real estate 1 81 — 3 78 4 Consumer — — — — — — Total 3 $ 530 $ — $ 3 $ 527 $ 4 During each of the three months ended September 30, 2016 and 2015, there were no TDR loans for which there was a payment default. The following table presents TDR loans by class for which there was a payment default during the nine months ended September 30, 2016 and 2015: |
Other Assets Acquired Through27
Other Assets Acquired Through Foreclosure (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Changes in Other Assets Acquired Through Foreclosure | The following table represents the changes in other assets acquired through foreclosure: Three Months Ended September 30, 2016 Gross Balance Valuation Allowance Net Balance (in thousands) Balance, beginning of period $ 56,467 $ (6,623 ) $ 49,844 Transfers to other assets acquired through foreclosure, net 1,162 — 1,162 Proceeds from sale of other real estate owned and repossessed assets, net (1,260 ) 32 (1,228 ) Valuation adjustments, net — (184 ) (184 ) Gains (losses), net (1) 25 — 25 Balance, end of period $ 56,394 $ (6,775 ) $ 49,619 2015 Balance, beginning of period $ 71,782 $ (12,447 ) $ 59,335 Additions from acquisition (143 ) — (143 ) Transfers to other assets acquired through foreclosure, net 14,111 — 14,111 Proceeds from sale of other real estate owned and repossessed assets, net (16,646 ) 959 (15,687 ) Valuation adjustments, net — 573 573 (Losses) gains, net (1) (470 ) — (470 ) Balance, end of period $ 68,634 $ (10,915 ) $ 57,719 (1) There were no net gains related to initial transfers to other assets during each of the three months ended September 30, 2016 and 2015 . Nine Months Ended September 30, 2016 Gross Balance Valuation Allowance Net Balance (in thousands) Balance, beginning of period $ 52,984 $ (9,042 ) $ 43,942 Transfers to other assets acquired through foreclosure, net 11,888 — 11,888 Proceeds from sale of other real estate owned and repossessed assets, net (8,174 ) 2,140 (6,034 ) Valuation adjustments, net — 127 127 (Losses) gains, net (2) (304 ) — (304 ) Balance, end of period $ 56,394 $ (6,775 ) $ 49,619 2015 Balance, beginning of period $ 71,421 $ (14,271 ) $ 57,150 Additions from acquisition 1,407 — 1,407 Transfers to other assets acquired through foreclosure, net 27,570 — 27,570 Proceeds from sale of other real estate owned and repossessed assets, net (34,349 ) 4,287 (30,062 ) Valuation adjustments, net — (931 ) (931 ) Gains (losses), net (2) 2,585 — 2,585 Balance, end of period $ 68,634 $ (10,915 ) $ 57,719 (2) Includes net gains related to initial transfers to other assets of zero and $0.9 million during the nine months ended September 30, 2016 and 2015 , respectively. |
Other Borrowings (Tables)
Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The following table summarizes the Company’s borrowings as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (in thousands) Short-Term: Federal funds purchased $ — $ — FHLB advances — 150,000 Total short-term borrowings $ — $ 150,000 |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income by component, net of tax, for the periods indicated: Three Months Ended September 30, Unrealized holding gains (losses) on AFS Unrealized holding gains (losses) on SERP Unrealized holding gains (losses) on junior subordinated debt Impairment loss on securities Total (in thousands) Balance, June 30, 2016 $ 33,013 $ 102 $ 13,367 $ 144 $ 46,626 Other comprehensive (loss) income before reclassifications (7,415 ) 6 (2,825 ) — (10,234 ) Amounts reclassified from accumulated other comprehensive income — — — — — Net current-period other comprehensive (loss) income (7,415 ) 6 (2,825 ) — (10,234 ) Balance, September 30, 2016 $ 25,598 $ 108 $ 10,542 $ 144 $ 36,392 Balance, June 30, 2015 $ 14,867 $ 337 $ 11,359 $ 144 $ 26,707 Other comprehensive income (loss) before reclassifications 5,486 (229 ) 3,274 — 8,531 Amounts reclassified from accumulated other comprehensive income 38 — — — 38 Net current-period other comprehensive income (loss) 5,524 (229 ) 3,274 — 8,569 Balance, September 30, 2015 $ 20,391 $ 108 $ 14,633 $ 144 $ 35,276 Nine Months Ended September 30, Unrealized holding gains (losses) on AFS Unrealized holding gains (losses) on SERP Unrealized holding gains (losses) on junior subordinated debt Impairment loss on securities Total (in thousands) Balance, December 31, 2015 $ 9,993 $ 90 $ 12,033 $ 144 $ 22,260 Other comprehensive income (loss) before reclassifications 16,316 18 (1,491 ) — 14,843 Amounts reclassified from accumulated other comprehensive income (711 ) — — — (711 ) Net current-period other comprehensive income (loss) 15,605 18 (1,491 ) — 14,132 Balance, September 30, 2016 $ 25,598 $ 108 $ 10,542 $ 144 $ 36,392 Balance, January 1, 2015 $ 16,495 $ — $ 16,309 $ 144 $ 32,948 SERP assumed in Bridge acquisition — 108 — — 108 Other comprehensive income (loss) before reclassifications 4,261 — (1,676 ) — 2,585 Amounts reclassified from accumulated other comprehensive income (365 ) — — — (365 ) Net current-period other comprehensive income (loss) 3,896 108 (1,676 ) — 2,328 Balance, September 30, 2015 $ 20,391 $ 108 $ 14,633 $ 144 $ 35,276 |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | The following table presents reclassifications out of accumulated other comprehensive income: Three Months Ended September 30, Nine Months Ended September 30, Income Statement Classification 2016 2015 2016 2015 (in thousands) Gain (loss) on sales of investment securities, net $ — $ (62 ) $ 1,001 $ 582 Income tax (expense) benefit — 24 (290 ) (217 ) Net of tax $ — $ (38 ) $ 711 $ 365 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position | The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in other assets or other liabilities in the Consolidated Balance Sheets, as indicated in the following table: September 30, 2016 December 31, 2015 September 30, 2015 Fair Value Fair Value Fair Value Notional Derivative Assets Derivative Liabilities Notional Derivative Assets Derivative Liabilities Notional Derivative Assets Derivative Liabilities (in thousands) Derivatives designated as hedging instruments: Fair value hedges Interest rate swaps $ 988,337 $ 4,350 $ 100,067 $ 800,478 $ 3,569 $ 64,785 $ 805,073 $ 4,009 $ 70,391 Total 988,337 4,350 100,067 800,478 3,569 64,785 805,073 4,009 70,391 Netting adjustments (1) — — — — — — — — — Net derivatives in the balance sheet $ 988,337 $ 4,350 $ 100,067 $ 800,478 $ 3,569 $ 64,785 $ 805,073 $ 4,009 $ 70,391 (1) Netting adjustments represent the amounts recorded to convert derivative balances from a gross basis to a net basis in accordance with the applicable accounting guidance. |
Gain (Loss) on Derivative Instruments | The following table summarizes the gains (losses) on fair value hedges for the three and nine months ended September 30, 2016 and 2015 , all of which are recorded in other non-interest income. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Hedge of Fixed Rate Loans (1) Gain (loss) on "pay fixed" swap $ 7,225 $ (21,345 ) $ (35,087 ) $ (12,572 ) (Loss) gain on receive fixed rate loans (7,206 ) 21,382 35,113 12,629 Net ineffectiveness $ 19 $ 37 $ 26 $ 57 Hedge of Fixed Rate Subordinated Debt Issuances (1) (Loss) gain on "receive fixed" swap $ (3,793 ) $ 3,812 $ 395 $ 4,009 Gain (loss) on subordinated debt 3,793 (3,812 ) (395 ) (4,009 ) Net ineffectiveness $ — $ — $ — $ — (1) The fair value of derivatives contracts are carried as other assets and other liabilities in the Consolidated Balance Sheets. The effective portion of hedging gains (losses) is recorded as basis adjustments to the underlying hedged asset or liability. Gains and losses on both the hedging derivative and hedged item are recorded through non-interest income with a resulting net income impact for the amount of ineffectiveness. |
Largest Exposure To Individual Counterparty | The following table summarizes the Company's largest exposure to an individual counterparty at the dates indicated for derivatives in net asset positions: September 30, 2016 December 31, 2015 September 30, 2015 (in thousands) Largest gross exposure (derivative asset) to an individual counterparty $ 4,159 $ 3,569 $ 4,009 Collateral posted by this counterparty 4,131 4,680 — Derivative liability with this counterparty — — — Collateral pledged to this counterparty — 1,340 — Net exposure after netting adjustments and collateral $ 28 $ 229 $ 4,009 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Weighted average shares - basic 103,768 100,776 102,791 92,345 Dilutive effect of stock awards 796 744 741 587 Weighted average shares - diluted 104,564 101,520 103,532 92,932 Net income available to common stockholders $ 67,052 $ 55,684 $ 189,998 $ 135,119 Earnings per share - basic 0.65 0.55 1.85 1.46 Earnings per share - diluted 0.64 0.55 1.84 1.45 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit | A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: September 30, 2016 December 31, 2015 (in thousands) Commitments to extend credit, including unsecured loan commitments of $389,123 at September 30, 2016 and $341,374 at December 31, 2015 $ 3,973,444 $ 3,624,578 Credit card commitments and financial guarantees 54,270 57,966 Standby letters of credit, including unsecured letters of credit of $5,962 at September 30, 2016 and $4,257 at December 31, 2015 50,295 50,659 Total $ 4,078,009 $ 3,733,203 |
Fair Value Accounting (Tables)
Fair Value Accounting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations | For the three and nine months ended September 30, 2016 and 2015 gains and losses from fair value changes were as follows: Changes in Fair Values for Items Measured at Fair Value Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net Interest Income on Securities Interest Expense on Junior Subordinated Debt Total Changes Included in Current-Period Earnings Total Changes Included in OCI, Net of Tax (in thousands) Three Months Ended September 30, 2016 Securities measured at fair value $ (12 ) $ 9 $ — $ (3 ) $ — Junior subordinated debt (4,604 ) — 625 625 (2,825 ) Total $ (4,616 ) $ 9 $ 625 $ 622 $ (2,825 ) Nine Months Ended September 30, 2016 Securities measured at fair value $ (18 ) $ 30 $ — $ 12 $ — Junior subordinated debt (2,386 ) — 1,843 1,843 (1,491 ) Total $ (2,404 ) $ 30 $ 1,843 $ 1,855 $ (1,491 ) Three Months Ended September 30, 2015 Securities measured at fair value $ (6 ) $ 13 $ — $ 7 $ — Junior subordinated debt 5,325 — 540 540 3,274 Total $ 5,319 $ 13 $ 540 $ 547 $ 3,274 Nine Months Ended September 30, 2015 Securities measured at fair value $ (20 ) $ 41 $ — $ 21 $ — Junior subordinated debt (2,720 ) — 1,431 1,431 (1,676 ) Total $ (2,740 ) $ 41 $ 1,431 $ 1,452 $ (1,676 ) |
Fair Value of Assets and Liabilities | The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs as of the periods presented: Fair Value Measurements at the End of the Reporting Period Using: Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value (in thousands) September 30, 2016 Assets: Measured at fair value Residential MBS issued by GSEs $ — $ 1,279 $ — $ 1,279 Available-for-sale Collateralized debt obligations $ — $ — $ 10,552 $ 10,552 Commercial MBS issued by GSEs — 126,595 — 126,595 Corporate debt securities 20,000 5,628 — 25,628 CRA investments 37,753 — — 37,753 Municipal obligations — 403,417 — 403,417 Preferred stock 110,479 — — 110,479 Private label residential MBS — 463,091 — 463,091 Residential MBS issued by GSEs — 1,395,685 — 1,395,685 Trust preferred securities — 24,445 — 24,445 U.S. government sponsored agency securities — 59,001 — 59,001 U.S. treasury securities — 2,536 — 2,536 Total AFS securities $ 168,232 $ 2,480,398 $ 10,552 $ 2,659,182 Loans - HFS $ — $ 21,337 $ — $ 21,337 Derivative assets (1) — 4,350 — 4,350 Liabilities: Junior subordinated debt (2) $ — $ — $ 49,314 $ 49,314 Derivative liabilities (1) — 100,067 — 100,067 (1) Derivative assets and liabilities relate to interest rate swaps, see " Note 9. Derivatives and Hedging Activities ." In addition, the carrying value of loans includes a net positive value of $106,503 and the net carrying value of subordinated debt includes a net negative value of $4,350 as of September 30, 2016 , which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. (2) Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. Fair Value Measurements at the End of the Reporting Period Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value (in thousands) December 31, 2015 Assets: Measured at fair value Residential MBS issued by GSEs $ — $ 1,481 $ — $ 1,481 Available-for-sale Collateralized debt obligations $ — $ — $ 10,060 $ 10,060 Commercial MBS issued by GSEs — 19,114 — 19,114 Corporate debt securities — 13,251 — 13,251 CRA investments 34,685 — — 34,685 Municipal obligations — 334,830 — 334,830 Preferred stock 111,236 — — 111,236 Private label commercial MBS — 4,691 — 4,691 Private label residential MBS — 257,128 — 257,128 Residential MBS issued by GSEs — 1,170,221 — 1,170,221 Trust preferred securities — 24,314 — 24,314 U.S. treasury securities 2,993 — — 2,993 Total AFS securities $ 148,914 $ 1,823,549 $ 10,060 $ 1,982,523 Loans - HFS $ — $ 23,809 $ — $ 23,809 Derivative assets (1) — 3,569 — 3,569 Liabilities: Junior subordinated debt (2) $ — $ — $ 46,928 $ 46,928 Derivative liabilities (1) — 64,785 — 64,785 (1) Derivative assets and liabilities relate to interest rate swaps, see " Note 9. Derivatives and Hedging Activities ." In addition, the carrying value of loans includes a positive value of $64,184 and the net carrying value of subordinated debt includes a net negative value of $3,569 as of December 31, 2015 , which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. (2) Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. |
Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis | For the three and nine months ended September 30, 2016 and 2015 , the change in Level 3 assets and liabilities measured at fair value on a recurring basis was as follows: Junior Subordinated Debt Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Beginning balance $ (44,710 ) $ (48,482 ) $ (46,928 ) $ (40,437 ) Transfers into Level 3 — — — — Total gains (losses) for the period Included in other comprehensive income (1) (4,604 ) 5,325 $ (2,386 ) $ (2,720 ) Ending balance $ (49,314 ) $ (43,157 ) $ (49,314 ) $ (43,157 ) (1) Due to the Company's election to early adopt an element of ASU 2016-01, changes in the fair value of junior subordinated debt are presented as part of OCI rather than earnings effective January 1, 2015. Accordingly, total losses are included in the other comprehensive income line, Unrealized gain (loss) on junior subordinated debt, which is net of tax. The above amount represents the gross loss from changes in fair value of junior subordinated debt. CDO Securities Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands) Beginning balance $ 10,183 $ 10,804 $ 10,060 $ 11,445 Transfers into Level 3 — — — — Total gains (losses) for the period Included in other comprehensive income (1) 369 (594 ) 492 (1,235 ) Ending balance $ 10,552 $ 10,210 $ 10,552 $ 10,210 (1) Total gains (losses) for the period are included in the other comprehensive income line, Unrealized gain (loss) on AFS securities. For Level 3 liabilities and assets measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2016 Valuation Technique Significant Unobservable Inputs Input Value (in thousands) Junior subordinated debt $ 49,314 Discounted cash flow Implied credit rating of the Company 5.65 % CDO securities 10,552 S&P Model Pricing indications from comparable securities December 31, 2015 Valuation Technique Significant Unobservable Inputs Input Value (in thousands) Junior subordinated debt $ 46,928 Discounted cash flow Adjusted Corporate Bond over Treasury Index with comparable credit spread 5.67 % CDO securities 10,060 S&P Model Pricing indications from comparable securities |
Assets Measured at Fair Value on Nonrecurring Basis | The following table presents such assets carried on the balance sheet by caption and by level within the ASC 825 hierarchy: Fair Value Measurements at the End of the Reporting Period Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Active Markets for Similar Assets (Level 2) Unobservable Inputs (Level 3) (in thousands) As of September 30, 2016: Impaired loans with specific valuation allowance $ 8,634 $ — $ — $ 8,634 Impaired loans without specific valuation allowance (1) 58,810 — — 58,810 Other assets acquired through foreclosure 49,619 — — 49,619 As of December 31, 2015: Impaired loans with specific valuation allowance $ 19,629 $ — $ — $ 19,629 Impaired loans without specific valuation allowance (1) 66,754 — — 66,754 Other assets acquired through foreclosure 43,942 — — 43,942 (1) Excludes loan balances with charge-offs of $32.5 million and $37.8 million as of September 30, 2016 and December 31, 2015 , respectively. |
Estimated Fair Value of Financial Instruments | The estimated fair value of the Company’s financial instruments is as follows: September 30, 2016 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Investment securities: HTM $ 52,421 $ — $ 55,717 $ — $ 55,717 AFS 2,659,182 168,232 2,480,398 10,552 2,659,182 Trading 1,279 — 1,279 — 1,279 Derivative assets 4,350 — 4,350 — 4,350 Loans, net 12,910,715 — 12,585,292 67,444 12,652,736 Accrued interest receivable 57,704 — 57,704 — 57,704 Financial liabilities: Deposits $ 14,443,160 $ — $ 14,446,965 $ — $ 14,446,965 Customer repurchases 44,372 — 44,372 — 44,372 Qualifying debt 382,932 — — 389,752 389,752 Derivative liabilities 100,067 — 100,067 — 100,067 Accrued interest payable 9,722 — 9,722 — 9,722 December 31, 2015 Carrying Amount Fair Value Level 1 Level 2 Level 3 Total (in thousands) Financial assets: Investment securities: AFS $ 1,982,523 $ 148,914 $ 1,823,549 $ 10,060 $ 1,982,523 Trading 1,481 — 1,481 — 1,481 Derivative assets 3,569 — 3,569 — 3,569 Loans, net 11,017,595 — 10,766,826 86,383 10,853,209 Accrued interest receivable 54,445 — 54,445 — 54,445 Financial liabilities: Deposits $ 12,030,624 $ — $ 12,034,199 $ — $ 12,034,199 Customer repurchases 38,155 — 38,155 — 38,155 FHLB advances 150,000 — 150,000 — 150,000 Qualifying debt 210,328 — — 207,437 207,437 Derivative liabilities 64,785 — 64,785 — 64,785 Accrued interest payable 13,626 — 13,626 — 13,626 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Operating Segment Information | The following is a summary of selected operating segment information for the periods indicated: Regional Segments Balance Sheet: Consolidated Company Arizona Nevada Southern California Northern California At September 30, 2016 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ 3,134.2 $ 1.9 $ 7.9 $ 1.9 $ 1.3 Loans, net of deferred loan fees and costs 13,033.6 2,938.0 1,697.3 1,833.4 1,072.1 Less: allowance for credit losses (122.9 ) (30.5 ) (18.5 ) (19.8 ) (9.1 ) Total loans 12,910.7 2,907.5 1,678.8 1,813.6 1,063.0 Other assets acquired through foreclosure, net 49.6 6.8 20.4 — 0.3 Goodwill and other intangible assets, net 303.6 — 23.9 — 157.8 Other assets 644.5 43.3 59.9 16.1 14.6 Total assets $ 17,042.6 $ 2,959.5 $ 1,790.9 $ 1,831.6 $ 1,237.0 Liabilities: Deposits $ 14,443.2 $ 3,931.9 $ 3,712.0 $ 2,255.0 $ 1,505.0 Borrowings and qualifying debt 382.9 — — — — Other liabilities 359.1 13.2 30.7 11.1 15.8 Total liabilities 15,185.2 3,945.1 3,742.7 2,266.1 1,520.8 Allocated equity: 1,857.4 344.1 247.8 205.8 281.7 Total liabilities and stockholders' equity $ 17,042.6 $ 4,289.2 $ 3,990.5 $ 2,471.9 $ 1,802.5 Excess funds provided (used) — 1,329.7 2,199.6 640.3 565.5 Income Statement: Three Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 172,547 $ 45,531 $ 35,977 $ 26,488 $ 22,181 Provision for (recovery of) credit losses 2,000 2,399 (1,009 ) (105 ) 144 Net interest income (expense) after provision for credit losses 170,547 43,132 36,986 26,593 22,037 Non-interest income 10,683 1,180 2,264 686 2,916 Non-interest expense (85,007 ) (16,084 ) (14,801 ) (11,532 ) (12,706 ) Income (loss) before income taxes 96,223 28,228 24,449 15,747 12,247 Income tax expense (benefit) 29,171 11,074 8,557 6,621 5,150 Net income $ 67,052 $ 17,154 $ 15,892 $ 9,126 $ 7,097 Nine Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 481,944 $ 125,191 $ 102,016 $ 76,719 $ 67,272 Provision for (recovery of) credit losses 7,000 10,875 (3,526 ) 145 2,112 Net interest income (expense) after provision for credit losses 474,944 114,316 105,542 76,574 65,160 Non-interest income 32,375 5,749 6,420 1,907 7,858 Non-interest expense (242,304 ) (45,090 ) (44,371 ) (33,401 ) (40,154 ) Income (loss) before income taxes 265,015 74,975 67,591 45,080 32,864 Income tax expense (benefit) 75,017 29,413 23,657 18,956 13,819 Net income $ 189,998 $ 45,562 $ 43,934 $ 26,124 $ 19,045 National Business Lines Balance Sheet: HOA Services HFF Public & Nonprofit Finance Technology & Innovation Other NBL Corporate & Other At September 30, 2016 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ — $ — $ — $ — $ — $ 3,121.2 Loans, net of deferred loan fees and costs 106.4 1,311.2 1,447.7 934.6 1,673.9 19.0 Less: allowance for credit losses (1.2 ) (0.6 ) (15.7 ) (8.7 ) (18.1 ) (0.7 ) Total loans 105.2 1,310.6 1,432.0 925.9 1,655.8 18.3 Other assets acquired through foreclosure, net — — — — — 22.1 Goodwill and other intangible assets, net — 0.2 — 121.7 — — Other assets 0.3 5.4 9.9 4.9 11.0 479.1 Total assets $ 105.5 $ 1,316.2 $ 1,441.9 $ 1,052.5 $ 1,666.8 $ 3,640.7 Liabilities: Deposits $ 1,813.7 $ — $ — $ 1,066.8 $ — $ 158.8 Borrowings and qualifying debt — — — — — 382.9 Other liabilities 0.9 1.2 98.2 0.2 59.2 128.6 Total liabilities 1,814.6 1.2 98.2 1,067.0 59.2 670.3 Allocated equity: 46.4 108.1 86.2 218.2 139.0 180.1 Total liabilities and stockholders' equity $ 1,861.0 $ 109.3 $ 184.4 $ 1,285.2 $ 198.2 $ 850.4 Excess funds provided (used) 1,755.5 (1,206.9 ) (1,257.5 ) 232.7 (1,468.6 ) (2,790.3 ) Income Statement: Three Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 11,312 $ 13,370 $ 5,012 $ 18,143 $ 12,060 $ (17,527 ) Provision for (recovery of) credit losses 72 — (315 ) (557 ) 1,372 (1 ) Net interest income (expense) after provision for credit losses 11,240 13,370 5,327 18,700 10,688 (17,526 ) Non-interest income 125 — 19 1,871 728 894 Non-interest expense (6,062 ) (3,207 ) (1,974 ) (8,837 ) (3,972 ) (5,832 ) Income (loss) before income taxes 5,303 10,163 3,372 11,734 7,444 (22,464 ) Income tax expense (benefit) 1,989 3,811 1,265 4,400 2,791 (16,487 ) Net income $ 3,314 $ 6,352 $ 2,107 $ 7,334 $ 4,653 $ (5,977 ) Nine Months Ended September 30, 2016: (in thousands) Net interest income (expense) $ 29,853 $ 25,438 $ 15,259 $ 51,083 $ 35,220 $ (46,107 ) Provision for (recovery of) credit losses 160 — (509 ) (2,336 ) 3,309 (3,230 ) Net interest income (expense) after provision for credit losses 29,693 25,438 15,768 53,419 31,911 (42,877 ) Non-interest income 340 — 22 4,623 1,598 3,858 Non-interest expense (17,423 ) (5,764 ) (5,927 ) (23,177 ) (11,007 ) (15,990 ) Income (loss) before income taxes 12,610 19,674 9,863 34,865 22,502 (55,009 ) Income tax expense (benefit) 4,729 7,378 3,699 13,074 8,438 (48,146 ) Net income $ 7,881 $ 12,296 $ 6,164 $ 21,791 $ 14,064 $ (6,863 ) Regional Segments Balance Sheet: Consolidated Company Arizona Nevada Southern California Northern California At December 31, 2015 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ 2,266.8 $ 2.3 $ 9.5 $ 2.4 $ 2.4 Loans, net of deferred loan fees and costs 11,136.7 2,811.7 1,737.2 1,761.9 1,188.4 Less: allowance for credit losses (119.1 ) (30.1 ) (18.6 ) (18.8 ) (12.7 ) Total loans 11,017.6 2,781.6 1,718.6 1,743.1 1,175.7 Other assets acquired through foreclosure, net 43.9 8.4 20.8 — 0.3 Goodwill and other intangible assets, net 305.4 — 24.8 — 158.2 Other assets 641.4 43.9 62.3 15.7 16.1 Total assets $ 14,275.1 $ 2,836.2 $ 1,836.0 $ 1,761.2 $ 1,352.7 Liabilities: Deposits $ 12,030.6 $ 2,880.7 $ 3,382.8 $ 1,902.5 $ 1,541.1 Borrowings and qualifying debt 360.3 — — — — Other liabilities 292.7 12.2 29.0 7.8 11.2 Total liabilities 12,683.6 2,892.9 3,411.8 1,910.3 1,552.3 Allocated equity: 1,591.5 309.2 244.4 191.3 293.2 Total liabilities and stockholders' equity $ 14,275.1 $ 3,202.1 $ 3,656.2 $ 2,101.6 $ 1,845.5 Excess funds provided (used) — 365.9 1,820.2 340.4 492.8 Income Statement: Three Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 137,407 $ 32,920 $ 30,875 $ 24,146 $ 24,012 Provision for (recovery of) credit losses — 1,964 (2,376 ) (442 ) 1,390 Net interest income (expense) after provision for credit losses 137,407 30,956 33,251 24,588 22,622 Non-interest income 8,502 962 2,199 586 2,484 Non-interest expense (72,916 ) (15,159 ) (15,513 ) (11,910 ) (12,846 ) Income (loss) before income taxes 72,993 16,759 19,937 13,264 12,260 Income tax expense (benefit) 17,133 6,574 6,978 5,577 5,156 Net income $ 55,860 $ 10,185 $ 12,959 $ 7,687 $ 7,104 Nine Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 349,233 $ 93,996 $ 90,030 $ 70,706 $ 33,681 Provision for (recovery of) credit losses 700 2,122 (5,175 ) (176 ) 1,876 Net interest income (expense) after provision for credit losses 348,533 91,874 95,205 70,882 31,805 Non-interest income 20,289 2,909 6,852 2,101 2,806 Non-interest expense (188,158 ) (44,520 ) (45,019 ) (35,389 ) (16,776 ) Income (loss) before income taxes 180,664 50,263 57,038 37,594 17,835 Income tax expense (benefit) 44,946 19,718 19,963 15,808 7,500 Net income $ 135,718 $ 30,545 $ 37,075 $ 21,786 $ 10,335 National Business Lines Balance Sheet: HOA Services Public & Nonprofit Finance Technology & Innovation Other NBL Corporate & Other At December 31, 2015 (dollars in millions) Assets: Cash, cash equivalents, and investment securities $ — $ — $ — $ — $ 2,250.2 Loans, net of deferred loan fees and costs 88.4 1,458.9 770.3 1,280.3 39.6 Less: allowance for credit losses (0.9 ) (15.6 ) (8.2 ) (13.8 ) (0.4 ) Total loans 87.5 1,443.3 762.1 1,266.5 39.2 Other assets acquired through foreclosure, net — — — — 14.4 Goodwill and other intangible assets, net — — 122.4 — — Other assets 0.2 14.0 2.7 11.5 475.0 Total assets $ 87.7 $ 1,457.3 $ 887.2 $ 1,278.0 $ 2,778.8 Liabilities: Deposits $ 1,291.9 $ — $ 842.5 $ — $ 189.1 Borrowings and qualifying debt — — — — 360.3 Other liabilities 0.5 63.8 — 40.8 127.4 Total liabilities 1,292.4 63.8 842.5 40.8 676.8 Allocated equity: 34.2 87.8 200.9 105.7 124.8 Total liabilities and stockholders' equity $ 1,326.6 $ 151.6 $ 1,043.4 $ 146.5 $ 801.6 Excess funds provided (used) 1,238.9 (1,305.7 ) 156.2 (1,131.5 ) (1,977.2 ) Income Statement: Three Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 6,458 $ 5,050 $ 14,527 $ 11,312 $ (11,893 ) Provision for (recovery of) credit losses 57 473 1,526 (2,544 ) (48 ) Net interest income (expense) after provision for credit losses 6,401 4,577 13,001 13,856 (11,845 ) Non-interest income 83 26 1,157 168 837 Non-interest expense (4,515 ) (1,419 ) (3,650 ) (3,541 ) (4,363 ) Income (loss) before income taxes 1,969 3,184 10,508 10,483 (15,371 ) Income tax expense (benefit) 738 1,194 3,941 3,931 (16,956 ) Net income $ 1,231 $ 1,990 $ 6,567 $ 6,552 $ 1,585 Nine Months Ended September 30, 2015: (in thousands) Net interest income (expense) $ 18,662 $ 14,534 $ 14,527 $ 37,366 $ (24,269 ) Provision for (recovery of) credit losses 198 2,579 1,526 (2,131 ) (119 ) Net interest income (expense) after provision for credit losses 18,464 11,955 13,001 39,497 (24,150 ) Non-interest income 236 665 1,157 413 3,150 Non-interest expense (12,985 ) (4,056 ) (3,650 ) (11,257 ) (14,506 ) Income (loss) before income taxes 5,715 8,564 10,508 28,653 (35,506 ) Income tax expense (benefit) 2,143 3,212 3,941 10,745 (38,084 ) Net income $ 3,572 $ 5,352 $ 6,567 $ 17,908 $ 2,578 |
Mergers, Acquisitions and Dis35
Mergers, Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Identifiable Assets Acquired and Liabilities Assumed | The recognized amounts of identifiable assets acquired and liabilities assumed are as follows: April 20, 2016 (in thousands) Assets: Loans $ 1,280,997 Other assets 3,560 Total assets $ 1,284,557 Liabilities: Other liabilities $ 12,559 Total liabilities 12,559 Net assets acquired $ 1,271,998 Consideration paid Cash $ 1,272,187 Goodwill $ 189 |
Business Acquisition, Pro Forma Information | The following table presents pro forma information as if the Bridge acquisition was complete d on January 1, 2014. The pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction and interest expense on deposits acquired. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed date. Three Months Ended September 30, 2015: Nine Months Ended September 30, 2015: (in thousands, except per share amounts) Interest income $ 141,386 $ 412,888 Non-interest income 13,826 24,873 Net income available to common stockholders (1) 56,791 147,163 Earnings per share - basic 0.56 1.39 Earnings per share - diluted 0.56 1.37 (1) Excludes acquisition / restructure related costs incurred by the Company and by Bridge of $0.8 million and $8.8 million for the three and nine months ended September 30, 2015, respectively, and acquisition / restructure related costs incurred by Bridge of zero and $6.8 million for the three and nine months ended September 30, 2015, respectively, and related tax effects. The following table presents pro forma information as if the purchase was completed on January 1, 2015. The pro forma information includes adjustments for interest income on loans acquired and excludes acquisition / restructure expense. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates. Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (in thousands, except per share amounts) Interest income $ 180,335 $ 162,990 $ 523,962 $ 423,792 Non-interest income 10,683 8,502 32,375 20,289 Net income available to common stockholders 65,349 65,006 194,095 162,769 Earnings per share - basic 0.63 0.65 1.89 1.76 Earnings per share - diluted 0.62 0.64 1.87 1.75 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($)Subsidiary | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of non-bank subsidiaries owned | 1 | |
Number of wholly-owned subsidiaries | 10 | |
Number of unconsolidated subsidiaries | 8 | |
Maximum period of internal loss allowance calculation model | 10 years | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Tax benefit recognized as reduction of income tax expense | $ | $ 3.9 | $ 4.1 |
Investment Securities - Carryin
Investment Securities - Carrying Amounts and Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - HTM, at amortized cost | $ 52,421 | $ 0 |
Investment securities - HTM, Unrecognized Holding Gain | 3,296 | |
Investment securities - HTM, Unrecognized Holding Loss | 0 | |
Held-to-maturity Securities, Fair Value | 55,717 | 0 |
Securities available for sale Total, Amortized Cost | 2,617,028 | 1,966,034 |
Securities available-for-sale, Gross Unrealized Gains | 54,013 | 34,907 |
Securities available-for-sale, Gross Unrealized (Losses) | (11,859) | (18,418) |
Securities available for sale Total, Estimated Fair Value | 2,659,182 | 1,982,523 |
Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 50 | 50 |
Securities available-for-sale, Gross Unrealized Gains | 10,502 | 10,059 |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | (49) |
Securities available for sale Total, Estimated Fair Value | 10,552 | 10,060 |
Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 126,814 | 19,147 |
Securities available-for-sale, Gross Unrealized Gains | 422 | 72 |
Securities available-for-sale, Gross Unrealized (Losses) | (641) | (105) |
Securities available for sale Total, Estimated Fair Value | 126,595 | 19,114 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 25,062 | 12,769 |
Securities available-for-sale, Gross Unrealized Gains | 566 | 482 |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | 0 |
Securities available for sale Total, Estimated Fair Value | 25,628 | 13,251 |
CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 37,471 | 34,722 |
Securities available-for-sale, Gross Unrealized Gains | 282 | 0 |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | (37) |
Securities available for sale Total, Estimated Fair Value | 37,753 | 34,685 |
Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 387,250 | 320,087 |
Securities available-for-sale, Gross Unrealized Gains | 17,525 | 14,743 |
Securities available-for-sale, Gross Unrealized (Losses) | (1,358) | 0 |
Securities available for sale Total, Estimated Fair Value | 403,417 | 334,830 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 104,621 | 108,417 |
Securities available-for-sale, Gross Unrealized Gains | 5,886 | 4,286 |
Securities available-for-sale, Gross Unrealized (Losses) | (28) | (1,467) |
Securities available for sale Total, Estimated Fair Value | 110,479 | 111,236 |
Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 4,685 | |
Securities available-for-sale, Gross Unrealized Gains | 6 | |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | |
Securities available for sale Total, Estimated Fair Value | 4,691 | |
Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 461,066 | 261,530 |
Securities available-for-sale, Gross Unrealized Gains | 2,896 | 5 |
Securities available-for-sale, Gross Unrealized (Losses) | (871) | (4,407) |
Securities available for sale Total, Estimated Fair Value | 463,091 | 257,128 |
Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 1,381,198 | 1,169,631 |
Securities available-for-sale, Gross Unrealized Gains | 15,813 | 5,254 |
Securities available-for-sale, Gross Unrealized (Losses) | (1,326) | (4,664) |
Securities available for sale Total, Estimated Fair Value | 1,395,685 | 1,170,221 |
Securities measured at fair value | 1,279 | 1,481 |
Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 32,000 | 32,000 |
Securities available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities available-for-sale, Gross Unrealized (Losses) | (7,555) | (7,686) |
Securities available for sale Total, Estimated Fair Value | 24,445 | 24,314 |
US Government-sponsored Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 59,000 | |
Securities available-for-sale, Gross Unrealized Gains | 81 | |
Securities available-for-sale, Gross Unrealized (Losses) | (80) | |
Securities available for sale Total, Estimated Fair Value | 59,001 | |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 2,496 | 2,996 |
Securities available-for-sale, Gross Unrealized Gains | 40 | 0 |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | (3) |
Securities available for sale Total, Estimated Fair Value | $ 2,536 | $ 2,993 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)positions | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)positions | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)positions | |
Investment Identifier [Line Items] | |||||
Amount of impairment losses reclassified out of accumulated other comprehensive income into earnings | $ 0 | $ 0 | $ 0 | $ 0 | |
Total number of securities in an unrealized loss position | positions | 78 | 78 | 146 | ||
Securities with carrying amounts were pledged | $ 854,100,000 | $ 854,100,000 | $ 830,700,000 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | $ 4,088 | $ 7,870 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 578,740 | 817,564 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 7,771 | 10,548 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 51,236 | 107,785 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 11,859 | 18,418 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 629,976 | 925,349 |
Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 49 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 1 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 49 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1 | |
Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 641 | 105 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 82,249 | 17,051 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 641 | 105 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 82,249 | 17,051 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 1,358 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 75,042 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,358 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 75,042 | |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 37 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 24,729 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 37 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 24,729 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 9 | 377 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 5,880 | 10,542 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 19 | 1,090 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 1,504 | 14,761 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 28 | 1,467 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 7,384 | 25,303 |
Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 741 | 3,733 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 152,364 | 226,720 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 130 | 674 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 19,412 | 30,372 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 871 | 4,407 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 171,776 | 257,092 |
Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 1,259 | 3,566 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 248,285 | 536,515 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 67 | 1,098 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 5,875 | 38,338 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,326 | 4,664 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 254,160 | 574,853 |
Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 7,555 | 7,686 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 24,445 | 24,314 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 7,555 | 7,686 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 24,445 | 24,314 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 80 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 14,920 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 80 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 14,920 | |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 3 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 2,006 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 3 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 2,006 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | $ 15,363 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 37,058 | |
Investment securities - HTM, at amortized cost | 52,421 | $ 0 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 15,508 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 40,209 | |
Held-to-maturity Securities, Fair Value | 55,717 | 0 |
Securities available for sale, Due in one year or less, Amortized Cost | 40,295 | |
Securities available for sale, After one year through five years, Amortized Cost | 48,744 | |
Securities available for sale, After five years through ten years, Amortized Cost | 150,034 | |
Securities available for sale, After ten years, Amortized Cost | 408,877 | |
Securities available for sale, Mortgage backed securities, Amortized Cost | 1,969,078 | |
Securities available for sale Total, Amortized Cost | 2,617,028 | 1,966,034 |
Securities available for sale, Due in one year or less, Estimated Fair Value | 40,695 | |
Securities available for sale, After one year through five years, Estimated Fair Value | 50,645 | |
Securities available for sale, After five years through ten years, Estimated Fair Value | 155,411 | |
Securities available for sale, After ten years, Estimated Fair Value | 427,060 | |
Securities available for sale, Mortgage backed securities, Estimated Fair Value | 1,985,371 | |
Securities available for sale Total, Estimated Fair Value | $ 2,659,182 | $ 1,982,523 |
Investment Securities - Investm
Investment Securities - Investment Securities by Credit Rating Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | $ 52,421 | $ 0 | ||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 2,659,182 | 1,982,523 | ||
Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 10,552 | 10,060 | ||
Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 126,595 | 19,114 | ||
Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 25,628 | 13,251 | ||
CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 37,753 | 34,685 | ||
Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 403,417 | 334,830 | ||
Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 110,479 | 111,236 | ||
Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 4,691 | |||
Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 463,091 | 257,128 | ||
Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 1,395,685 | 1,170,221 | ||
Securities measured at fair value | 1,279 | 1,481 | ||
Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 24,445 | 24,314 | ||
US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 59,001 | |||
US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 2,536 | 2,993 | ||
AAA [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 421,383 | [1] | 248,245 | [2] |
AAA [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AAA [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AAA [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AAA [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AAA [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 0 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 14,602 | 7,949 | ||
AAA [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AAA [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 4,691 | |||
AAA [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 406,781 | 235,605 | ||
AAA [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
AAA [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AAA [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
AAA [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 1,583,817 | [1] | 1,192,328 | [2] |
Split-rated AAA/AA Plus [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 126,595 | 19,114 | ||
Split-rated AAA/AA Plus [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 0 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
Split-rated AAA/AA Plus [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 1,395,685 | 1,170,221 | ||
Securities measured at fair value | 1,279 | 1,481 | ||
Split-rated AAA/AA Plus [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Split-rated AAA/AA Plus [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 59,001 | |||
Split-rated AAA/AA Plus [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 2,536 | 2,993 | ||
AA Plus to AA- [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 344,443 | [1] | 183,221 | [2] |
AA Plus to AA- [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AA Plus to AA- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AA Plus to AA- [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 5,628 | 2,721 | ||
AA Plus to AA- [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AA Plus to AA- [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 0 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 288,888 | 180,460 | ||
AA Plus to AA- [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AA Plus to AA- [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
AA Plus to AA- [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 49,927 | 40 | ||
AA Plus to AA- [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
AA Plus to AA- [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
AA Plus to AA- [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
AA Plus to AA- [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
A Plus to A- [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 104,508 | [1] | 139,785 | [2] |
A Plus to A- [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
A Plus to A- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
A Plus to A- [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 5,489 | ||
A Plus to A- [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
A Plus to A- [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 0 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 99,757 | 131,110 | ||
A Plus to A- [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
A Plus to A- [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
A Plus to A- [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 4,751 | 3,186 | ||
A Plus to A- [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
A Plus to A- [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
A Plus to A- [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
A Plus to A- [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BBB Plus to BBB- [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 122,397 | [1] | 117,303 | [2] |
BBB Plus to BBB- [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BBB Plus to BBB- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BBB Plus to BBB- [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 20,000 | 5,041 | ||
BBB Plus to BBB- [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BBB Plus to BBB- [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 0 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 6,243 | ||
BBB Plus to BBB- [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 76,664 | 79,955 | ||
BBB Plus to BBB- [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
BBB Plus to BBB- [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 1,288 | 1,750 | ||
BBB Plus to BBB- [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
BBB Plus to BBB- [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 24,445 | 24,314 | ||
BBB Plus to BBB- [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
BBB Plus to BBB- [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BB Plus and below [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 26,576 | [1] | 36,600 | [2] |
BB Plus and below [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 10,552 | 10,060 | ||
BB Plus and below [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BB Plus and below [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BB Plus and below [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BB Plus and below [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 0 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 170 | 180 | ||
BB Plus and below [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 15,510 | 23,655 | ||
BB Plus and below [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
BB Plus and below [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 344 | 2,705 | ||
BB Plus and below [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
BB Plus and below [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
BB Plus and below [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
BB Plus and below [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Corporate Credit Quality Indicator Unrated [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 56,058 | [1] | 65,041 | [2] |
Corporate Credit Quality Indicator Unrated [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Corporate Credit Quality Indicator Unrated [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Corporate Credit Quality Indicator Unrated [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Corporate Credit Quality Indicator Unrated [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 37,753 | 34,685 | ||
Corporate Credit Quality Indicator Unrated [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 52,421 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 8,888 | ||
Corporate Credit Quality Indicator Unrated [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 18,305 | 7,626 | ||
Corporate Credit Quality Indicator Unrated [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
Corporate Credit Quality Indicator Unrated [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 13,842 | ||
Corporate Credit Quality Indicator Unrated [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Securities measured at fair value | 0 | 0 | ||
Corporate Credit Quality Indicator Unrated [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Corporate Credit Quality Indicator Unrated [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | |||
Corporate Credit Quality Indicator Unrated [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||
Rated Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 2,659,182 | [1] | 1,982,523 | [2] |
Rated Securities [Member] | Collateralized debt obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 10,552 | 10,060 | ||
Rated Securities [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 126,595 | 19,114 | ||
Rated Securities [Member] | Corporate debt securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 25,628 | 13,251 | ||
Rated Securities [Member] | CRA investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 37,753 | 34,685 | ||
Rated Securities [Member] | Municipal obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - HTM, at amortized cost | 52,421 | |||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 403,417 | 334,830 | ||
Rated Securities [Member] | Preferred Stock [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 110,479 | 111,236 | ||
Rated Securities [Member] | Private label commercial mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 4,691 | |||
Rated Securities [Member] | Private label residential mortgage-backed securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 463,091 | 257,128 | ||
Rated Securities [Member] | Residential mortgage-backed securities issued by GSEs | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 1,395,685 | 1,170,221 | ||
Securities measured at fair value | 1,279 | 1,481 | ||
Rated Securities [Member] | Trust preferred securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 24,445 | 24,314 | ||
Rated Securities [Member] | US Government-sponsored Agency Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | 59,001 | |||
Rated Securities [Member] | US Treasury Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $2,617,028 at September 30, 2016 and $1,966,034 at December 31, 2015 | $ 2,536 | $ 2,993 | ||
[1] | Where ratings differ, the Company uses the average of the ratings by S&P, Moody’s, and Fitch | |||
[2] | Where ratings differ, the Company uses the average of the ratings by S&P, Moody’s, and Fitch. |
Investment Securities - Gross G
Investment Securities - Gross Gains and (Losses) on Sales of Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains | $ 0 | $ 0 | $ 2,057 | $ 1,103 |
Gross losses | 0 | (62) | (1,056) | (521) |
Net gains on sales of investment securities | $ 0 | $ (62) | $ 1,001 | $ 582 |
Loans, Leases and Allowance f43
Loans, Leases and Allowance for Credit Losses - Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | $ 13,012,262 | $ 11,112,854 |
Allowance for credit losses | (122,884) | (119,068) |
Loans, net | 12,889,378 | 10,993,786 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | 5,603,605 | 5,114,257 |
Commercial Real Estate Non Owner Occupied Multi Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | 3,623,417 | 2,283,536 |
Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | 1,983,945 | 2,083,285 |
Allowance for credit losses | (12,939) | (11,811) |
Construction and land development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | 1,379,735 | 1,133,439 |
Allowance for credit losses | (21,341) | (18,976) |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | 271,808 | 322,939 |
Allowance for credit losses | (4,133) | (5,278) |
Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | 111,361 | 148,493 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans - HFI, net of deferred loan fees and costs | 38,391 | 26,905 |
Allowance for credit losses | $ (683) | $ (473) |
Loans, Leases and Allowance f44
Loans, Leases and Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Net deferred loan fees and costs | $ 21,000,000 | $ 21,000,000 | $ 19,200,000 | |||
Receivable with Imputed Interest, Discount | 6,600,000 | 6,600,000 | 8,200,000 | |||
Interest rate and credit marks on acquired loans | 77,400,000 | 77,400,000 | 40,500,000 | |||
Loans - HFS | 21,337,000 | 21,337,000 | 23,809,000 | |||
Reduction in interest income due to nonaccrual loans | 0 | $ 3,000 | 0 | $ 3,000 | ||
Aggregate carrying amount of impaired loans | [1] | 13,409,000 | 13,409,000 | 24,287,000 | ||
Impaired loans with no allowance recorded | [2] | 91,346,000 | 91,346,000 | 104,587,000 | ||
Impaired loans with an allowance recorded | [3] | 4,775,000 | 4,775,000 | 4,658,000 | ||
Total average investment in impaired loans | 106,357,000 | 145,161,000 | 112,901,000 | 154,510,000 | ||
Non-accrual TDR loans | [4] | 40,608,000 | 40,608,000 | 48,381,000 | ||
Purchased loans | 163,700,000 | 70,800,000 | 262,000,000 | 96,900,000 | ||
Carrying value of loans sold | 37,100,000 | 118,700,000 | ||||
Gains recognized on loans sold | 2,100,000 | 400,000 | ||||
Non-accrual loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Reduction in interest income due to nonaccrual loans | 600,000 | 500,000 | 1,500,000 | 1,900,000 | ||
Non-accrual TDR loans | 40,608,000 | 40,608,000 | 48,381,000 | |||
Troubled Debt Restructured Loans [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Aggregate carrying amount of impaired loans | 500,000 | 500,000 | 3,000,000 | |||
Impaired loans with no allowance recorded | 59,500,000 | 59,500,000 | 85,900,000 | |||
Impaired loans with an allowance recorded | 100,000 | 100,000 | 300,000 | |||
Total average investment in impaired loans | 63,900,000 | $ 114,500,000 | 71,400,000 | 120,600,000 | ||
Non-accrual TDR loans | 5,400,000 | 5,400,000 | 18,200,000 | |||
Loan commitments outstanding | 0 | 0 | 135,000 | |||
Commercial and industrial [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Aggregate carrying amount of impaired loans | 9,881,000 | 9,881,000 | 18,230,000 | |||
Impaired loans with no allowance recorded | 15,337,000 | 15,337,000 | 8,283,000 | |||
Impaired loans with an allowance recorded | $ 3,751,000 | $ 3,751,000 | $ 3,518,000 | |||
Purchased loans | 76,800,000 | |||||
Commercial real estate [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Purchased loans | 100,000 | |||||
Leases [Member] | ||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||
Purchased loans | $ 6,800,000 | |||||
[1] | Includes TDR loans of $0.5 million and $3.0 million at September 30, 2016 and December 31, 2015, respectively. | |||||
[2] | Includes TDR loans of $59.5 million and $85.9 million at September 30, 2016 and December 31, 2015, respectively. | |||||
[3] | Includes valuation allowance related to TDR loans of $0.1 million and $0.3 million at September 30, 2016 and December 31, 2015, respectively. | |||||
[4] | Includes non-accrual TDR loans of $5.4 million and $18.2 million at September 30, 2016 and December 31, 2015, respectively. |
Loans, Leases and Allowance f45
Loans, Leases and Allowance for Credit Losses - Contractual Aging of Loan Portfolio by Class of Loans Including Loans Held for Sale and Excluding Deferred Fees/Costs (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 12,969,778 | $ 11,046,589 |
Total Past Due | 42,484 | 66,265 |
Total | 13,012,262 | 11,112,854 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,978,680 | 2,078,968 |
Total Past Due | 5,265 | 4,317 |
Total | 1,983,945 | 2,083,285 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,406,304 | 2,099,274 |
Total Past Due | 3,241 | 5,303 |
Total | 3,409,545 | 2,104,577 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 213,872 | 178,959 |
Total Past Due | 0 | 0 |
Total | 213,872 | 178,959 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 5,582,418 | 5,066,197 |
Total Past Due | 21,187 | 48,060 |
Total | 5,603,605 | 5,114,257 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 110,993 | 145,905 |
Total Past Due | 368 | 2,588 |
Total | 111,361 | 148,493 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 913,299 | 694,527 |
Total Past Due | 1,625 | 0 |
Total | 914,924 | 694,527 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 463,528 | 438,495 |
Total Past Due | 1,283 | 417 |
Total | 464,811 | 438,912 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 262,495 | 317,677 |
Total Past Due | 9,313 | 5,262 |
Total | 271,808 | 322,939 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 38,189 | 26,587 |
Total Past Due | 202 | 318 |
Total | 38,391 | 26,905 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,608 | 30,184 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,048 | 445 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,135 | 2,481 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,290 | 26,358 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 330 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,625 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 149 | 888 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31 | 12 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,634 | 14,736 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 362 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,539 | 14,124 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,095 | 159 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 91 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22,242 | 21,345 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,217 | 3,510 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,106 | 2,822 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,358 | 7,578 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 38 | 2,588 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,283 | 417 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,069 | 4,215 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 171 | $ 215 |
Loans, Leases and Allowance f46
Loans, Leases and Allowance for Credit Losses - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 12,969,778 | $ 11,046,589 | |
Total Past Due | 42,484 | 66,265 | |
Total Non-accrual | [1] | 40,608 | 48,381 |
Loans past due 90 days or more and still accruing | [2] | 2,817 | 3,028 |
Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 19,129 | 19,590 | |
Total Past Due | 21,479 | 28,791 | |
Total Non-accrual | 40,608 | 48,381 | |
Commercial real estate [Member] | Owner occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,978,680 | 2,078,968 | |
Total Past Due | 5,265 | 4,317 | |
Loans past due 90 days or more and still accruing | 0 | 339 | |
Commercial real estate [Member] | Owner occupied [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 1,042 | 749 | |
Total Past Due | 4,217 | 3,253 | |
Total Non-accrual | 5,259 | 4,002 | |
Commercial real estate [Member] | Non-owner occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 3,406,304 | 2,099,274 | |
Total Past Due | 3,241 | 5,303 | |
Loans past due 90 days or more and still accruing | 2,106 | 0 | |
Commercial real estate [Member] | Non-owner occupied [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 7,874 | 11,851 | |
Total Past Due | 0 | 2,822 | |
Total Non-accrual | 7,874 | 14,673 | |
Commercial real estate [Member] | Multi-family [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 213,872 | 178,959 | |
Total Past Due | 0 | 0 | |
Loans past due 90 days or more and still accruing | 0 | 0 | |
Commercial real estate [Member] | Multi-family [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 0 | 0 | |
Total Past Due | 0 | 0 | |
Total Non-accrual | 0 | 0 | |
Commercial and industrial [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 5,582,418 | 5,066,197 | |
Total Past Due | 21,187 | 48,060 | |
Loans past due 90 days or more and still accruing | 705 | 2,671 | |
Commercial and industrial [Member] | Commercial [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 9,771 | 3,263 | |
Total Past Due | 10,049 | 15,026 | |
Total Non-accrual | 19,820 | 18,289 | |
Commercial and industrial [Member] | Leases [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 110,993 | 145,905 | |
Total Past Due | 368 | 2,588 | |
Loans past due 90 days or more and still accruing | 0 | 0 | |
Commercial and industrial [Member] | Leases [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 0 | 0 | |
Total Past Due | 364 | 2,588 | |
Total Non-accrual | 364 | 2,588 | |
Construction and land development [Member] | Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 913,299 | 694,527 | |
Total Past Due | 1,625 | 0 | |
Loans past due 90 days or more and still accruing | 0 | 0 | |
Construction and land development [Member] | Construction [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 0 | 0 | |
Total Past Due | 0 | 0 | |
Total Non-accrual | 0 | 0 | |
Construction and land development [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 463,528 | 438,495 | |
Total Past Due | 1,283 | 417 | |
Loans past due 90 days or more and still accruing | 0 | 0 | |
Construction and land development [Member] | Land [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 0 | 1,892 | |
Total Past Due | 1,284 | 417 | |
Total Non-accrual | 1,284 | 2,309 | |
Residential real estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 262,495 | 317,677 | |
Total Past Due | 9,313 | 5,262 | |
Loans past due 90 days or more and still accruing | 0 | 0 | |
Residential real estate [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 442 | 1,835 | |
Total Past Due | 5,401 | 4,489 | |
Total Non-accrual | 5,843 | 6,324 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 38,189 | 26,587 | |
Total Past Due | 202 | 318 | |
Loans past due 90 days or more and still accruing | 7 | 18 | |
Consumer [Member] | Non-accrual loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 0 | 0 | |
Total Past Due | 164 | 196 | |
Total Non-accrual | $ 164 | $ 196 | |
[1] | Includes non-accrual TDR loans of $5.4 million and $18.2 million at September 30, 2016 and December 31, 2015, respectively. | ||
[2] | Includes $0.6 million from loans acquired with deteriorated credit quality at September 30, 2016. |
Loans, Leases and Allowance f47
Loans, Leases and Allowance for Credit Losses - Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | $ 12,969,778 | $ 11,046,589 |
Financing Receivable, Recorded Investment, Past Due | 42,484 | 66,265 |
Total | 13,012,262 | 11,112,854 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 271,808 | 322,939 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 38,391 | 26,905 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,983,945 | 2,083,285 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,409,545 | 2,104,577 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 213,872 | 178,959 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,603,605 | 5,114,257 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 111,361 | 148,493 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 914,924 | 694,527 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 464,811 | 438,912 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 12,725,833 | 10,799,558 |
Total | 12,729,655 | 10,805,542 |
Pass [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 260,919 | 310,067 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 38,144 | 26,438 |
Pass [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,945,850 | 2,032,932 |
Pass [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,327,622 | 2,054,428 |
Pass [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 213,675 | 178,959 |
Pass [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,474,770 | 4,962,930 |
Pass [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 110,966 | 140,531 |
Pass [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 906,401 | 678,438 |
Pass [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 451,308 | 420,819 |
Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 123,115 | 140,932 |
Total | 133,682 | 141,588 |
Watch [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 347 | 776 |
Watch [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 42 | 209 |
Watch [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 20,551 | 28,422 |
Watch [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 34,749 | 14,867 |
Watch [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 197 | 0 |
Watch [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 71,290 | 76,283 |
Watch [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 68 | 4,580 |
Watch [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 6,094 | 16,089 |
Watch [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 344 | 362 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 118,595 | 104,232 |
Total | 146,690 | 161,269 |
Substandard [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 10,542 | 12,096 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 205 | 258 |
Substandard [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 15,309 | 20,814 |
Substandard [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 47,174 | 35,282 |
Substandard [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Substandard [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 57,545 | 74,294 |
Substandard [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 327 | 794 |
Substandard [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,429 | 0 |
Substandard [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 13,159 | 17,731 |
Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 2,235 | 1,867 |
Total | 2,235 | 4,455 |
Doubtful [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,235 | 1,117 |
Doubtful [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 750 |
Doubtful [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 2,588 |
Doubtful [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 13,608 | 30,184 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,784 | 1,907 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 9,025 | 271 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 799 | 28,006 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 6,634 | 14,736 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 26 | 4,077 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,188 | 385 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,420 | 10,274 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 22,242 | 21,345 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 12 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 354 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 21,876 | 18,757 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 2,588 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Loans, Leases and Allowance f48
Loans, Leases and Allowance for Credit Losses - Recorded Investment in Loans Classified as Impaired (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||
Impaired loans with an allowance recorded | [1] | $ 13,409 | $ 24,287 |
Impaired loans with no allowance recorded | [2] | 91,346 | 104,587 |
Total impaired loans | 104,755 | 128,874 | |
Valuation allowance related to impaired loans | [3] | $ (4,775) | $ (4,658) |
[1] | Includes TDR loans of $0.5 million and $3.0 million at September 30, 2016 and December 31, 2015, respectively. | ||
[2] | Includes TDR loans of $59.5 million and $85.9 million at September 30, 2016 and December 31, 2015, respectively. | ||
[3] | Includes valuation allowance related to TDR loans of $0.1 million and $0.3 million at September 30, 2016 and December 31, 2015, respectively. |
Loans, Leases and Allowance f49
Loans, Leases and Allowance for Credit Losses - Impaired Loans by Loan Class (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | $ 104,755 | $ 128,874 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 17,122 | 16,575 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 255 | 334 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 17,425 | 23,153 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 29,066 | 41,081 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 25,218 | 26,513 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 25,219 | 26,513 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 330 | 2,896 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 3 | 0 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | $ 15,335 | $ 18,322 |
Loans, Leases and Allowance f50
Loans, Leases and Allowance for Credit Losses - Schedule of Average Investment in Impaired Loans and Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Receivables [Abstract] | ||||
Total average investment in impaired loans | $ 106,357 | $ 145,161 | $ 112,901 | $ 154,510 |
Interest income recognized on impaired loans | 959 | 1,303 | 3,122 | 3,613 |
Interest recognized on nonaccrual loans, cash basis | $ 245 | $ 208 | $ 642 | $ 1,409 |
Loans, Leases and Allowance f51
Loans, Leases and Allowance for Credit Losses - Average Investment in Impaired Loans by Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | $ 106,357 | $ 145,161 | $ 112,901 | $ 154,510 |
Residential real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 16,272 | 18,662 | 15,890 | 19,137 |
Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 260 | 471 | 296 | 397 |
Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 17,155 | 29,453 | 19,323 | 37,043 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 29,978 | 57,178 | 31,635 | 60,817 |
Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 0 | 0 | 0 | 0 |
Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 25,662 | 16,938 | 27,221 | 14,202 |
Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 331 | 3,658 | 904 | 2,965 |
Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | 0 | 0 | 0 | 0 |
Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total average investment in impaired loans by loan class | $ 16,699 | $ 18,801 | $ 17,632 | $ 19,949 |
Loans, Leases and Allowance f52
Loans, Leases and Allowance for Credit Losses - Interest Income on Impaired Loans by Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | $ 959 | $ 1,303 | $ 3,122 | $ 3,613 |
Residential real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 128 | 188 | 384 | 447 |
Consumer [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 1 | 2 | 4 | 5 |
Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 211 | 373 | 753 | 1,200 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 285 | 468 | 936 | 1,158 |
Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 0 | 0 | 0 | 0 |
Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 90 | 73 | 319 | 212 |
Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 4 | 0 | 40 | 0 |
Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | 0 | 0 | 0 | 0 |
Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Total interest income on impaired loans by class | $ 240 | $ 199 | $ 686 | $ 591 |
Loans, Leases and Allowance f53
Loans, Leases and Allowance for Credit Losses - Tabular Disclosure of Nonperforming Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Non-accrual TDR loans | [1] | $ 40,608 | $ 48,381 | ||||
Loans past due 90 days or more on accrual status | [2] | 2,817 | 3,028 | ||||
Troubled debt restructured loans | 54,704 | 70,707 | |||||
Total nonperforming loans | 98,129 | 122,116 | |||||
Other assets acquired through foreclosure, net | 49,619 | $ 49,844 | 43,942 | $ 57,719 | $ 59,335 | $ 57,150 | |
Total nonperforming assets | 147,748 | $ 166,058 | |||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans past due 90 days or more on accrual status | $ 600 | ||||||
[1] | Includes non-accrual TDR loans of $5.4 million and $18.2 million at September 30, 2016 and December 31, 2015, respectively. | ||||||
[2] | Includes $0.6 million from loans acquired with deteriorated credit quality at September 30, 2016. |
Loans, Leases and Allowance f54
Loans, Leases and Allowance for Credit Losses - Acquired Loans (Details) - GE Capital US Holdings, Inc. [Member] $ in Thousands | Apr. 20, 2016USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | $ 1,842,800 |
Cash flows expected to be collected | 1,516,097 |
Fair value of loans acquired | 1,280,997 |
PCI [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 159,822 |
Cash flows expected to be collected | 119,619 |
Fair value of loans acquired | 93,267 |
Non-PCI [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 1,682,978 |
Cash flows expected to be collected | 1,396,478 |
Fair value of loans acquired | 1,187,730 |
Commercial real estate [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 1,722,798 |
Cash flows expected to be collected | 1,423,388 |
Fair value of loans acquired | 1,207,748 |
Commercial real estate [Member] | PCI [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 143,734 |
Cash flows expected to be collected | 107,865 |
Fair value of loans acquired | 85,329 |
Commercial real estate [Member] | Non-PCI [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 1,579,064 |
Cash flows expected to be collected | 1,315,523 |
Fair value of loans acquired | 1,122,419 |
Construction and land development [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 120,002 |
Cash flows expected to be collected | 92,709 |
Fair value of loans acquired | 73,249 |
Construction and land development [Member] | PCI [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 16,088 |
Cash flows expected to be collected | 11,754 |
Fair value of loans acquired | 7,938 |
Construction and land development [Member] | Non-PCI [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest payments | 103,914 |
Cash flows expected to be collected | 80,955 |
Fair value of loans acquired | $ 65,311 |
Loans, Leases and Allowance f55
Loans, Leases and Allowance for Credit Losses - Changes in Accretable Discount for Loans Purchased with Credit Quality Deterioration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Balance at beginning of period | $ 15,863 | $ 17,190 | $ 15,925 | $ 19,156 | |
Additions due to acquisition | 0 | 0 | 4,301 | 857 | |
Reclassifications from non-accretable to accretable yield (1) | [1] | 119 | 597 | 119 | 1,292 |
Accretion to interest income | (901) | (1,056) | (2,570) | (3,146) | |
Reversal of fair value adjustments upon disposition of loans | (578) | (398) | (3,272) | (1,826) | |
Balance at end of period | $ 14,503 | $ 16,371 | $ 14,503 | $ 16,371 | |
[1] | The primary drivers of reclassification from non-accretable to accretable yield resulted from changes in estimated cash flows. |
Loans, Leases and Allowance f56
Loans, Leases and Allowance for Credit Losses - Allowances for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | $ 122,104 | $ 115,056 | $ 119,068 | $ 110,216 |
Charge-offs | 2,709 | 1,117 | 12,161 | 4,006 |
Recoveries | (1,489) | (3,133) | (8,977) | (10,162) |
Provision for credit losses | 2,000 | 0 | 7,000 | 700 |
Ending balance | 122,884 | 117,072 | 122,884 | 117,072 |
Construction and land development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 21,386 | 19,537 | 18,976 | 18,558 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | (302) | (329) | (455) | (1,859) |
Provision for credit losses | (347) | 419 | 1,910 | (132) |
Ending balance | 21,341 | 20,285 | 21,341 | 20,285 |
Commercial real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 24,867 | 28,946 | 23,160 | 28,783 |
Charge-offs | 72 | 0 | 726 | 0 |
Recoveries | (521) | (1,401) | (4,956) | (3,522) |
Provision for credit losses | (450) | (5,173) | (2,524) | (7,131) |
Ending balance | 24,866 | 25,174 | 24,866 | 25,174 |
Residential real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 4,546 | 6,399 | 5,278 | 7,456 |
Charge-offs | 79 | 8 | 105 | 626 |
Recoveries | (179) | (232) | (589) | (1,949) |
Provision for credit losses | (513) | (1,313) | (1,629) | (3,469) |
Ending balance | 4,133 | 5,310 | 4,133 | 5,310 |
Commercial and industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 70,547 | 59,589 | 71,181 | 54,566 |
Charge-offs | 2,558 | 1,109 | 11,210 | 3,273 |
Recoveries | (466) | (1,147) | (2,846) | (2,744) |
Provision for credit losses | 3,406 | 6,152 | 9,044 | 11,742 |
Ending balance | 71,861 | 65,779 | 71,861 | 65,779 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 758 | 585 | 473 | 853 |
Charge-offs | 0 | 0 | 120 | 107 |
Recoveries | (21) | (24) | (131) | (88) |
Provision for credit losses | (96) | (85) | 199 | (310) |
Ending balance | $ 683 | $ 524 | $ 683 | $ 524 |
Loans, Leases and Allowance f57
Loans, Leases and Allowance for Credit Losses - Summary of Impairment Method Information Related to Loans and Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | [1] | $ 13,409 | $ 24,287 |
Impaired loans with no allowance recorded | [2] | 91,346 | 104,587 |
Total loans individually evaluated for impairment | 104,755 | 128,874 | |
Loans collectively evaluated for impairment | 12,745,623 | 10,901,140 | |
Loans acquired with deteriorated credit quality | 104,755 | 128,874 | |
Total recorded investment | 13,012,262 | 11,112,854 | |
Impaired loans with an allowance recorded | 13,717 | 25,345 | |
Impaired loans with no allowance recorded | 326,566 | 333,268 | |
Total loans individually evaluated for impairment | 340,283 | 358,613 | |
Loans collectively evaluated for impairment | 12,745,623 | 10,901,140 | |
Total unpaid principal balance | 13,290,254 | 11,379,517 | |
Impaired loans with an allowance recorded | [3] | 4,775 | 4,658 |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 4,775 | 4,658 | |
Loans collectively evaluated for impairment | 117,037 | 114,374 | |
Total loans held for investment | 122,884 | 119,068 | |
Owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | 3,245 | 2,778 | |
Impaired loans with no allowance recorded | 14,183 | 20,375 | |
Total loans individually evaluated for impairment | 17,428 | 23,153 | |
Loans collectively evaluated for impairment | 1,954,861 | 2,044,934 | |
Total recorded investment | 1,983,945 | 2,083,285 | |
Impaired loans with an allowance recorded | 3,245 | 2,778 | |
Impaired loans with no allowance recorded | 56,562 | 63,709 | |
Total loans individually evaluated for impairment | 59,807 | 66,487 | |
Loans collectively evaluated for impairment | 1,954,861 | 2,044,934 | |
Total unpaid principal balance | 2,029,881 | 2,131,648 | |
Impaired loans with an allowance recorded | 949 | 858 | |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 949 | 858 | |
Loans collectively evaluated for impairment | 11,990 | 10,953 | |
Total loans held for investment | 12,939 | 11,811 | |
Non-owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | 0 | 2,344 | |
Impaired loans with no allowance recorded | 29,066 | 38,737 | |
Total loans individually evaluated for impairment | 29,066 | 41,081 | |
Loans collectively evaluated for impairment | 3,477,105 | 2,180,250 | |
Total recorded investment | 3,623,417 | 2,283,536 | |
Impaired loans with an allowance recorded | 0 | 2,344 | |
Impaired loans with no allowance recorded | 54,908 | 61,692 | |
Total loans individually evaluated for impairment | 54,908 | 64,036 | |
Loans collectively evaluated for impairment | 3,477,105 | 2,180,250 | |
Total unpaid principal balance | 3,681,581 | 2,332,467 | |
Impaired loans with an allowance recorded | 0 | 11 | |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 0 | 11 | |
Loans collectively evaluated for impairment | 11,188 | 11,302 | |
Total loans held for investment | 11,927 | 11,349 | |
Commercial and industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | 9,881 | 18,230 | |
Impaired loans with no allowance recorded | 15,337 | 8,283 | |
Total loans individually evaluated for impairment | 25,218 | 26,513 | |
Loans collectively evaluated for impairment | 5,577,980 | 5,085,299 | |
Total recorded investment | 5,603,605 | 5,114,257 | |
Impaired loans with an allowance recorded | 10,134 | 19,233 | |
Impaired loans with no allowance recorded | 86,653 | 71,773 | |
Total loans individually evaluated for impairment | 96,787 | 91,006 | |
Loans collectively evaluated for impairment | 5,577,980 | 5,085,299 | |
Total unpaid principal balance | 5,680,247 | 5,184,125 | |
Impaired loans with an allowance recorded | 3,751 | 3,518 | |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 3,751 | 3,518 | |
Loans collectively evaluated for impairment | 67,777 | 65,806 | |
Total loans held for investment | 71,861 | 69,324 | |
Residential real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | 264 | 914 | |
Impaired loans with no allowance recorded | 16,858 | 15,661 | |
Total loans individually evaluated for impairment | 17,122 | 16,575 | |
Loans collectively evaluated for impairment | 254,043 | 303,372 | |
Total recorded investment | 271,808 | 322,939 | |
Impaired loans with an allowance recorded | 319 | 969 | |
Impaired loans with no allowance recorded | 44,175 | 44,142 | |
Total loans individually evaluated for impairment | 44,494 | 45,111 | |
Loans collectively evaluated for impairment | 254,043 | 303,372 | |
Total unpaid principal balance | 299,279 | 352,019 | |
Impaired loans with an allowance recorded | 74 | 270 | |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 74 | 270 | |
Loans collectively evaluated for impairment | 4,059 | 5,008 | |
Total loans held for investment | 4,133 | 5,278 | |
Construction and land development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | 15,335 | 18,322 | |
Total loans individually evaluated for impairment | 15,335 | 18,322 | |
Loans collectively evaluated for impairment | 1,332,468 | 1,115,117 | |
Total recorded investment | 1,379,735 | 1,133,439 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | 79,826 | 82,800 | |
Total loans individually evaluated for impairment | 79,826 | 82,800 | |
Loans collectively evaluated for impairment | 1,332,468 | 1,115,117 | |
Total unpaid principal balance | 1,445,639 | 1,197,917 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 21,341 | 18,976 | |
Total loans held for investment | 21,341 | 18,976 | |
Commercial leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | 330 | 2,896 | |
Total loans individually evaluated for impairment | 330 | 2,896 | |
Loans collectively evaluated for impairment | 111,031 | 145,597 | |
Total recorded investment | 111,361 | 148,493 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | 482 | 5,229 | |
Total loans individually evaluated for impairment | 482 | 5,229 | |
Loans collectively evaluated for impairment | 111,031 | 145,597 | |
Total unpaid principal balance | 111,513 | 150,826 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 0 | 1,857 | |
Total loans held for investment | 0 | 1,857 | |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired loans with an allowance recorded | 19 | 21 | |
Impaired loans with no allowance recorded | 237 | 313 | |
Total loans individually evaluated for impairment | 256 | 334 | |
Loans collectively evaluated for impairment | 38,135 | 26,571 | |
Total recorded investment | 38,391 | 26,905 | |
Impaired loans with an allowance recorded | 19 | 21 | |
Impaired loans with no allowance recorded | 3,960 | 3,923 | |
Total loans individually evaluated for impairment | 3,979 | 3,944 | |
Loans collectively evaluated for impairment | 38,135 | 26,571 | |
Total unpaid principal balance | 42,114 | 30,515 | |
Impaired loans with an allowance recorded | 1 | 1 | |
Impaired loans with no allowance recorded | 0 | 0 | |
Total loans individually evaluated for impairment | 1 | 1 | |
Loans collectively evaluated for impairment | 682 | 472 | |
Total loans held for investment | 683 | 473 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 161,884 | 82,840 | |
Loans acquired with deteriorated credit quality | 204,348 | 119,764 | |
Impaired loans with an allowance recorded | 1,072 | 36 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 11,656 | 15,198 | |
Loans acquired with deteriorated credit quality | 15,213 | 20,227 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Non-owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 117,246 | 62,205 | |
Loans acquired with deteriorated credit quality | 149,568 | 88,181 | |
Impaired loans with an allowance recorded | 739 | 36 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 407 | 2,445 | |
Loans acquired with deteriorated credit quality | 5,480 | 7,820 | |
Impaired loans with an allowance recorded | 333 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 643 | 2,992 | |
Loans acquired with deteriorated credit quality | 742 | 3,536 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction and land development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 31,932 | 0 | |
Loans acquired with deteriorated credit quality | 33,345 | 0 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 0 | 0 | |
Loans acquired with deteriorated credit quality | 0 | 0 | |
Impaired loans with an allowance recorded | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans acquired with deteriorated credit quality | 0 | 0 | |
Loans acquired with deteriorated credit quality | 0 | 0 | |
Impaired loans with an allowance recorded | $ 0 | $ 0 | |
[1] | Includes TDR loans of $0.5 million and $3.0 million at September 30, 2016 and December 31, 2015, respectively. | ||
[2] | Includes TDR loans of $59.5 million and $85.9 million at September 30, 2016 and December 31, 2015, respectively. | ||
[3] | Includes valuation allowance related to TDR loans of $0.1 million and $0.3 million at September 30, 2016 and December 31, 2015, respectively. |
Loans, Leases and Allowance f58
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Loan Class (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 2 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 274,000 | $ 0 | $ 530,000 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 3,000 | 0 | 3,000 |
Post-Modification Outstanding Recorded Investment | 0 | 271,000 | 0 | 527,000 |
Waived Fees and Other Expenses | $ 0 | $ 4,000 | $ 0 | $ 4,000 |
Residential real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 81,000 | $ 0 | $ 81,000 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 3,000 | 0 | 3,000 |
Post-Modification Outstanding Recorded Investment | 0 | 78,000 | 0 | 78,000 |
Waived Fees and Other Expenses | $ 0 | $ 4,000 | $ 0 | $ 4,000 |
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Owner occupied [Member] | Commercial real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Non-owner occupied [Member] | Commercial real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 193,000 | $ 0 | $ 193,000 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 193,000 | 0 | 193,000 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Multi-family [Member] | Commercial real estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial [Member] | Commercial and industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 256,000 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 256,000 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Leases [Member] | Commercial and industrial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Construction [Member] | Construction and land development [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Land [Member] | Construction and land development [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 | $ 0 |
Loans, Leases and Allowance f59
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Class for Which There was Payment Default (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 2 | 2 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 5,714 | $ 339 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 0 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 1 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 5,381 | $ 0 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 0 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 0 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 0 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 0 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 137 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 0 |
Residential real estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 1 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 333 | $ 202 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | SecurityLoan | 0 | 0 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ | $ 0 | $ 0 |
Other Assets Acquired through60
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||||
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||
Balance, beginning of the period, Gross Balance | $ 56,467 | $ 71,782 | $ 52,984 | $ 71,421 | ||||
Additions from acquisitions | (143) | (1,407) | ||||||
Transfers to other assets acquired through foreclosure, net, Gross Balance | 1,162 | 14,111 | 11,888 | 27,570 | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Gross Balance | (1,260) | (16,646) | (8,174) | (34,349) | ||||
Gains (losses), net, Gross Balance | 25 | [1] | (470) | [1] | (304) | [2] | 2,585 | [2] |
Balance, end of period, Gross Balance | 56,394 | 68,634 | 56,394 | 68,634 | ||||
Balance, beginning of the period, Valuation Allowance | (6,623) | (12,447) | (9,042) | (14,271) | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Valuation Allowance | 32 | 959 | 2,140 | 4,287 | ||||
Valuation adjustments, net, Valuation Allowance | (184) | 573 | 127 | (931) | ||||
Balance, end of period, Valuation Allowance | (6,775) | (10,915) | (6,775) | (10,915) | ||||
Balance, beginning of the period, Net Balance | 49,844 | 59,335 | 43,942 | 57,150 | ||||
Transfers to other assets acquired through foreclosure, net, Net Balance | 1,162 | 14,111 | 11,888 | 27,570 | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Net Balance | (1,228) | (15,687) | (6,034) | (30,062) | ||||
Valuation adjustments of other repossessed assets, net | (184) | 573 | 127 | (931) | ||||
Gains (losses), net, Net Balance | 25 | [1] | (470) | [1] | (304) | [2] | 2,585 | [2] |
Balance, end of period, Net Balance | $ 49,619 | $ 57,719 | $ 49,619 | $ 57,719 | ||||
[1] | There were no net gains related to initial transfers to other assets during each of the three months ended September 30, 2016 and 2015. | |||||||
[2] | Includes net gains related to initial transfers to other assets of zero and $0.9 million during the nine months ended September 30, 2016 and 2015, respectively. |
Other Assets Acquired through61
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure Narrative (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($)Property | Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($)Property | Dec. 31, 2015Property | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |||||
Gains related to initial transfer to other assets | $ | $ 0 | $ 0 | $ 0 | $ 900,000 | |
Number of properties held | Property | 33 | 45 | 33 | 45 | 39 |
Other Borrowings - Company's Bo
Other Borrowings - Company's Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Short Term | ||
Federal Funds Purchased | $ 0 | $ 0 |
FHLB advances | 0 | 150,000 |
Short-term Debt | $ 0 | $ 150,000 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Debt [Line Items] | ||
Federal Funds Purchased | $ 0 | $ 0 |
FHLB advances | 0 | $ 150,000,000 |
Weighted average interest rate of FHLB and FRB Short-term advances | 0.36% | |
FRB [Member] | ||
Debt [Line Items] | ||
Additional available credit with the entity | 1,570,000,000 | $ 1,210,000,000 |
FHLB [Member] | ||
Debt [Line Items] | ||
Additional available credit with the entity | 2,030,000,000 | 1,540,000,000 |
Lines of Credit with Correspondent Banks [Member] | ||
Debt [Line Items] | ||
Secured borrowing credit line | 170,000,000 | |
Outstanding balances on lines of credit | 0 | $ 0 |
Secured Credit Facility [Member] | ||
Debt [Line Items] | ||
Secured borrowing credit line | $ 25,000,000 | |
Secured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt [Line Items] | ||
Spread on variable rate (percent) | 1.50% | |
Unsecured Credit Facility [Member] | ||
Debt [Line Items] | ||
Secured borrowing credit line | $ 145,000,000 |
Qualifying Debt - Subordinated
Qualifying Debt - Subordinated Debt Details (Details) - USD ($) | Sep. 30, 2016 | Jun. 16, 2016 |
Debt Instrument [Line Items] | ||
Carrying value of subordinated debt | $ 321,900,000 | |
Subordinated Debt [Member] | Subordinated Debentures Maturing July 2056 [Member] | ||
Debt Instrument [Line Items] | ||
Face amount of debt instrument | $ 175,000,000 | |
Debt issuance cost | $ 5,500,000 | |
Debt instrument interest rate (percent) | 6.25% |
Qualifying Debt - Junior Subord
Qualifying Debt - Junior Subordinated Debt (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)Trust | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Number of statutory businesses formed or acquired | Trust | 8 | |
Carrying value of junior subordinated debt | $ | $ 61 | $ 58.4 |
Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (percent) | 3.19% | 2.95% |
London Interbank Offered Rate (LIBOR) [Member] | Junior Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Spread on variable rate (percent) | 2.34% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 04, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Proceeds from issuance of stock in offerings, net | $ 55,785 | $ 0 | ||||
Treasury stock acquired (shares) | 8,328 | 15,345 | 301,495 | 270,126 | ||
Weighted average share price (in dollars per share) | $ 34.30 | $ 32.14 | $ 30.95 | $ 27.54 | ||
Bridge Capital Holdings [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted in period (shares) | 0 | 0 | 0 | 0 | ||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (shares) | 5,725 | 358,235 | ||||
Value of shares granted | $ 200 | $ 13,500 | ||||
Compensation expense | 2,700 | $ 1,800 | $ 10,200 | $ 7,000 | ||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (shares) | 63,000 | |||||
Restricted Stock [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (shares) | 54,329 | |||||
Value of shares granted | $ 1,700 | |||||
Compensation expense | $ 100 | 100 | $ 400 | 300 | ||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted (shares) | 308,400 | |||||
Performance Shares [Member] | 2014 and 2015 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Value of shares granted | $ 10,400 | |||||
Number of shares expected to pay out (shares) | 409,800 | 409,800 | ||||
Performance Shares [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Value of shares granted | $ 3,400 | |||||
Compensation expense | $ 1,200 | $ 1,600 | $ 3,500 | $ 3,600 | ||
Number of shares expected to pay out (shares) | 109,704 | 109,704 | ||||
Employee Stock Option [Member] | Bridge Capital Holdings [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense | $ 200 | $ 600 | ||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares issued (shares) | 1,550,000 | 12,997,000 | [1] | |||
Treasury stock acquired (shares) | 301,000 | 0 | ||||
Common Stock [Member] | Credit Suisse Securities (USA) LLC [Member] | Public Offering [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate offering price (up to) | $ 100,000 | $ 100,000 | $ 100,000 | |||
Percent of gross offering proceeds (percent) | 2.00% | |||||
Common stock, shares issued (shares) | 0 | 1,600,000 | 0 | |||
Weighted average selling price (in dollars per share) | $ 36.63 | $ 36.63 | ||||
Proceeds from issuance of stock in offerings, net | $ 56,800 | |||||
Total offering costs | $ 1,000 | 1,000 | ||||
Payments of compensation costs | $ 900 | $ 900 | ||||
[1] | Includes value of certain share-based awards replaced in connection with the acquisition. |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 46,626 | $ 26,707 | $ 22,260 | $ 32,948 |
SERP assumed in Bridge acquisition | 108 | |||
Other comprehensive income before reclassifications | (10,234) | 8,531 | 14,843 | 2,585 |
Amounts reclassified from accumulated other comprehensive income | 0 | 38 | (711) | (365) |
Net other comprehensive (loss) income | (10,234) | 8,569 | 14,132 | 2,328 |
Ending balance | 36,392 | 35,276 | 36,392 | 35,276 |
Unrealized holding gains (losses) on AFS [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 33,013 | 14,867 | 9,993 | 16,495 |
SERP assumed in Bridge acquisition | 0 | |||
Other comprehensive income before reclassifications | (7,415) | 5,486 | 16,316 | 4,261 |
Amounts reclassified from accumulated other comprehensive income | 0 | 38 | (711) | (365) |
Net other comprehensive (loss) income | (7,415) | 5,524 | 15,605 | 3,896 |
Ending balance | 25,598 | 20,391 | 25,598 | 20,391 |
Financial Liability Instruments, Fair Value Option [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 13,367 | 11,359 | 12,033 | 16,309 |
SERP assumed in Bridge acquisition | 0 | |||
Other comprehensive income before reclassifications | (2,825) | 3,274 | (1,491) | (1,676) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net other comprehensive (loss) income | (2,825) | 3,274 | (1,491) | (1,676) |
Ending balance | 10,542 | 14,633 | 10,542 | 14,633 |
Impairment loss on securities [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 144 | 144 | 144 | 144 |
SERP assumed in Bridge acquisition | 0 | |||
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Ending balance | 144 | 144 | 144 | 144 |
Supplemental Employee Retirement Plan [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 102 | 337 | 90 | 0 |
SERP assumed in Bridge acquisition | 108 | |||
Other comprehensive income before reclassifications | 6 | (229) | 18 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net other comprehensive (loss) income | 6 | (229) | 18 | 108 |
Ending balance | $ 108 | $ 108 | $ 108 | $ 108 |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Income - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount reclassified from accumulated other comprehensive income | $ 0 | $ (24) | $ 290 | $ 217 |
Amount reclassified from accumulated other comprehensive income | 0 | (38) | 711 | 365 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount reclassified from accumulated other comprehensive income | 0 | (38) | 711 | 365 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Realized Gain Loss On Sale Of Investment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Realized gains on sales of investment securities | 0 | (62) | 1,001 | 582 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Income Tax Expense [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount reclassified from accumulated other comprehensive income | $ 0 | $ 24 | $ (290) | $ (217) |
Derivatives and Hedging Activ69
Derivatives and Hedging Activities Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Jun. 16, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Derivative [Line Items] | ||||
Collateral netted against derivative liabilities | $ 100,100,000 | $ 61,700,000 | $ 67,300,000 | |
Positive NPVs | 100,067,000 | 64,785,000 | 70,391,000 | |
Over collateralization net position | 23,100,000 | $ 15,500,000 | $ 8,400,000 | |
Additional collateral held in securities | 123,100,000 | |||
Subordinated Debt [Member] | Fixed Rate Subordinated Debt [Member] | ||||
Derivative [Line Items] | ||||
Face amount of debt instrument | $ 150,000,000 | |||
Subordinated Debt [Member] | Fixed Rate Subordinated Debt [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative fixed interest rate (percent) | 5.00% | |||
Subordinated Debt [Member] | Fixed Rate Subordinated Debt [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative [Line Items] | ||||
Derivative spread on variable rate (percent) | 3.16% | |||
Subordinated Debt [Member] | Subordinated Debentures Maturing July 2056 [Member] | ||||
Derivative [Line Items] | ||||
Face amount of debt instrument | $ 175,000,000 | |||
Subordinated Debt [Member] | Subordinated Debentures Maturing July 2056 [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative fixed interest rate (percent) | 6.25% | |||
Subordinated Debt [Member] | Subordinated Debentures Maturing July 2056 [Member] | Fair Value Hedging [Member] | Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Derivative [Line Items] | ||||
Derivative spread on variable rate (percent) | 3.25% |
Derivatives and Hedging Activ70
Derivatives and Hedging Activities Fair Value of Derivative Contracts (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | $ 988,337 | $ 800,478 | $ 805,073 | |
Derivative Asset, Fair Value | 4,350 | 3,569 | 4,009 | |
Derivative Liability, Fair Value | 100,067 | 64,785 | 70,391 | |
Notional Amount, Netting Adjustments | [1] | 0 | 0 | 0 |
Derivative Netting Adjustments | [1] | 0 | 0 | 0 |
Positive NPVs | 3,569 | 4,009 | ||
Positive NPVs | 100,067 | 64,785 | 70,391 | |
Interest Rate Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 988,337 | 800,478 | 805,073 | |
Derivative Asset, Fair Value | 4,350 | 3,569 | 4,009 | |
Derivative Liability, Fair Value | $ 100,067 | $ 64,785 | $ 70,391 | |
[1] | Netting adjustments represent the amounts recorded to convert derivative balances from a gross basis to a net basis in accordance with the applicable accounting guidance. |
Derivatives and Hedging Activ71
Derivatives and Hedging Activities Pre-Tax Net Gains (Losses) on Fair Value Hedges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Fixed Rate Loans [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | [1] | $ 19 | $ 37 | $ 26 | $ 57 |
Fixed Rate Loans [Member] | Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net Gain (Loss) on Derivatives | [1] | 7,225 | (21,345) | (35,087) | (12,572) |
Increase (Decrease) to Basis of Hedged Assets | [1] | (7,206) | 21,382 | 35,113 | 12,629 |
Fixed Rate Subordinated Debt [Member] | Interest Rate Swap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net Gain (Loss) on Derivatives | [1] | (3,793) | 3,812 | 395 | 4,009 |
Increase (Decrease) to Basis of Hedged Assets | [1] | 3,793 | (3,812) | (395) | (4,009) |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | The fair value of derivatives contracts are carried as other assets and other liabilities in the Consolidated Balance Sheets. The effective portion of hedging gains (losses) is recorded as basis adjustments to the underlying hedged asset or liability. Gains and losses on both the hedging derivative and hedged item are recorded through non-interest income with a resulting net income impact for the amount of ineffectiveness. |
Derivatives and Hedging Activ72
Derivatives and Hedging Activities Largest Exposure to Individual Counterparty (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Largest gross exposure (positive derivative NPV) to an individual counterparty | $ 3,569 | $ 4,009 | |
Largest individual counterparty [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Largest gross exposure (positive derivative NPV) to an individual counterparty | $ 4,159 | 3,569 | 4,009 |
Collateral posted by this counterparty | 4,131 | 4,680 | 0 |
Negative derivative NPV with this counterparty | 0 | 0 | 0 |
Collateral pledged to this counterparty | 0 | 1,340 | 0 |
Net exposure after netting adjustments and collateral | $ 28 | $ 229 | $ 4,009 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Basic (shares) | 103,768,000 | 100,776,000 | 102,791,000 | 92,345,000 |
Dilutive effect of stock awards (shares) | 796,000 | 744,000 | 741,000 | 587,000 |
Weighted average shares diluted (shares) | 104,564,000 | 101,520,000 | 103,532,000 | 92,932,000 |
Net income available to common shareholders | $ 67,052 | $ 55,684 | $ 189,998 | $ 135,119 |
Earnings (loss) per share - basic (in dollars per share) | $ 0.65 | $ 0.55 | $ 1.85 | $ 1.46 |
Earnings (loss) per share - diluted (in dollars per share) | $ 0.64 | $ 0.55 | $ 1.84 | $ 1.45 |
Anti-dilutive stock options outstanding that were not included in computation of diluted earnings per common share (shares) | 0 | 0 | 0 | 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||
Effective income tax rate (percent) | 30.32% | 23.47% | 28.31% | 24.88% | |
Decreased deferred tax assets net | $ 13,600,000 | ||||
Recognized net deferred tax asset | $ 72,720,000 | 72,720,000 | $ 86,352,000 | ||
Deferred tax valuation allowance | 0 | 0 | 0 | ||
Tax benefits related to federal NOLs | 9,100,000 | 9,100,000 | 9,300,000 | ||
Unrecognized tax benefit that would impact effective tax rate , if recognized | 700,000 | 700,000 | 700,000 | ||
Penalties recognized associated with unrecognized tax benefits | 0 | $ 0 | 0 | $ 0 | |
Interest recognized associated with unrecognized tax benefits | 0 | 0 | 0 | 0 | |
Accrued amounts for penalties | 100,000 | 100,000 | 100,000 | ||
Accrued amounts for interest | 100,000 | 100,000 | 100,000 | ||
Investment in Low Income Housing Tax Credit | 166,100,000 | 166,100,000 | 152,700,000 | ||
Unfunded Low Income Housing Tax Credit Obligations | 63,400,000 | 63,400,000 | 61,200,000 | ||
Amortization of Low Income Housing Tax Credits | 5,500,000 | $ 4,800,000 | 13,700,000 | $ 10,400,000 | |
Internal Revenue Service (IRS) [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Deferred tax asset related to federal and state NOL carryovers | $ 9,100,000 | $ 9,100,000 | $ 9,300,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||||
Letters of credit expiration period | 1 year | ||||
Percentage of first liens initial loan to value ratio (percent) | 75.00% | ||||
Percent of commercial real estate loans owner occupied (percent) | 35.00% | 35.00% | 48.00% | ||
Rent expense | $ 2.8 | $ 2.3 | $ 8.1 | $ 5.5 | |
Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percent of commercial real estate related loans (percent) | 54.00% | 49.00% | |||
Unfunded Loan Commitment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | 11 | $ 11 | $ 3.3 | ||
GE Capital US Holdings, Inc. [Member] | Unfunded Loan Commitment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual | $ 7 | $ 7 |
Commitments and Contingencies76
Commitments and Contingencies - Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Commitments [Line Items] | ||
Total contractual amount | $ 4,078,009 | $ 3,733,203 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Total contractual amount | 3,973,444 | 3,624,578 |
Unsecured loan commitments | 389,123 | 341,374 |
Credit card guarantees [Member] | ||
Other Commitments [Line Items] | ||
Total contractual amount | 54,270 | 57,966 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Total contractual amount | 50,295 | 50,659 |
Unsecured letters of credit | $ 5,962 | $ 4,257 |
Fair Value Accounting - Gains a
Fair Value Accounting - Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (4,616) | $ 5,319 | $ (2,404) | $ (2,740) |
Interest Income on Securities | 9 | 13 | 30 | 41 |
Interest Expense on Junior Subordinated Debt | 625 | 540 | 1,843 | 1,431 |
Total Changes Included in Current-Period Earnings | 622 | 547 | 1,855 | 1,452 |
Change in unrealized gain (loss) on TRUP securities, net of tax | (2,825) | 3,274 | (1,491) | (1,676) |
Securities measured at fair value [Member] | ||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (12) | (6) | (18) | (20) |
Interest Income on Securities | 9 | 13 | 30 | 41 |
Interest Expense on Junior Subordinated Debt | 0 | 0 | 0 | 0 |
Total Changes Included in Current-Period Earnings | (3) | 7 | 12 | 21 |
Junior Subordinated Debt [Member] | ||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) in OCI | (4,604) | 5,325 | (2,386) | (2,720) |
Interest Income on Securities | 0 | 0 | 0 | 0 |
Interest Expense on Junior Subordinated Debt | 625 | 540 | 1,843 | 1,431 |
Total Changes Included in Current-Period Earnings | 625 | 540 | 1,843 | 1,431 |
Change in unrealized gain (loss) on TRUP securities, net of tax | $ (2,825) | $ 3,274 | $ (1,491) | $ (1,676) |
Fair Value Accounting - Additio
Fair Value Accounting - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Positive NPVs | $ 100,067 | $ 70,391 | $ 100,067 | $ 70,391 | $ 64,785 | |||||||
Derivative assets | 4,009 | 4,009 | 3,569 | |||||||||
Balances of impaired financing receivables with charge-offs | 32,500 | 32,500 | 37,800 | |||||||||
Aggregate carrying amount of impaired loans | 104,755 | 104,755 | 128,874 | |||||||||
Impaired loans with an allowance recorded | [1] | 13,409 | 13,409 | 24,287 | ||||||||
Impaired loans with an allowance recorded | [2] | 4,775 | 4,775 | 4,658 | ||||||||
Repossessed Assets | 49,619 | $ 57,719 | 49,619 | $ 57,719 | 43,942 | $ 49,844 | $ 59,335 | $ 57,150 | ||||
Other assets acquired through foreclosure | $ 49,600 | $ 49,600 | 43,900 | |||||||||
Collateralized debt obligations [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Securities contained credit losses | 0 | 0 | 0 | 0 | ||||||||
Level 3 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Aggregate carrying amount of impaired loans | [3] | $ 67,400 | $ 67,400 | 86,400 | ||||||||
Impaired loans with an allowance recorded | 13,400 | 13,400 | 24,300 | |||||||||
Impaired loans with an allowance recorded | 4,800 | 4,800 | 4,700 | |||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Positive NPVs | 100,067 | [4] | 100,067 | [4] | 64,785 | [5] | ||||||
Derivative assets | 4,350 | [4] | 4,350 | [4] | 3,569 | [5] | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Positive NPVs | 100,067 | [4] | 100,067 | [4] | 64,785 | [5] | ||||||
Derivative assets | [4] | 4,350 | 4,350 | |||||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Positive NPVs | 0 | [4] | 0 | [4] | 0 | [5] | ||||||
Derivative assets | 0 | [4] | 0 | [4] | 0 | [5] | ||||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impaired loans with an allowance recorded | 8,634 | 8,634 | 19,629 | |||||||||
Repossessed Assets | 49,600 | 49,600 | ||||||||||
Other assets acquired through foreclosure | 49,619 | 49,619 | 43,942 | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impaired loans with an allowance recorded | 0 | 0 | 0 | |||||||||
Other assets acquired through foreclosure | 0 | 0 | 0 | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Aggregate carrying amount of impaired loans | 67,444 | 67,444 | 86,383 | |||||||||
Impaired loans with an allowance recorded | 8,634 | 8,634 | 19,629 | |||||||||
Other assets acquired through foreclosure | 49,619 | $ 49,619 | $ 43,942 | |||||||||
Junior Subordinated Debt [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Period of basis point spread | 4.79% | 5.06% | ||||||||||
Percentage of LIBOR | 0.85% | 0.61% | ||||||||||
Carrying Amount [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Positive NPVs | 100,067 | $ 100,067 | $ 64,785 | |||||||||
Derivative assets | 4,350 | 4,350 | 3,569 | |||||||||
Carrying Amount [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Positive NPVs | 106,503 | [4] | 106,503 | [4] | 64,184 | [5] | ||||||
Derivative assets | $ 4,350 | $ 4,350 | $ 3,569 | [5] | ||||||||
[1] | Includes TDR loans of $0.5 million and $3.0 million at September 30, 2016 and December 31, 2015, respectively. | |||||||||||
[2] | Includes valuation allowance related to TDR loans of $0.1 million and $0.3 million at September 30, 2016 and December 31, 2015, respectively. | |||||||||||
[3] | Excludes loan balances with charge-offs of $32.5 million and $37.8 million as of September 30, 2016 and December 31, 2015, respectively. | |||||||||||
[4] | Derivative assets and liabilities relate to interest rate swaps, see "Note 9. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a net positive value of $106,503 and the net carrying value of subordinated debt includes a net negative value of $4,350 as of September 30, 2016, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. | |||||||||||
[5] | Derivative assets and liabilities relate to interest rate swaps, see "Note 9. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a positive value of $64,184 and the net carrying value of subordinated debt includes a net negative value of $3,569 as of December 31, 2015, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. |
Fair Value Accounting - Fair Va
Fair Value Accounting - Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | $ 2,659,182 | $ 1,982,523 | ||||
Derivative assets | 3,569 | $ 4,009 | ||||
Junior subordinated debt | [1] | 46,928 | ||||
Derivative liabilities | 100,067 | 64,785 | $ 70,391 | |||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 2,659,182 | 1,982,523 | ||||
Loans held-for-sale | 21,337 | 23,809 | ||||
Derivative assets | 4,350 | [2] | 3,569 | [3] | ||
Junior subordinated debt | 49,314 | |||||
Derivative liabilities | 100,067 | [2] | 64,785 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 168,232 | 148,914 | ||||
Loans held-for-sale | 0 | 0 | ||||
Derivative assets | 0 | [2] | 0 | [3] | ||
Junior subordinated debt | 0 | 0 | [1] | |||
Derivative liabilities | 0 | [2] | 0 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 2,480,398 | 1,823,549 | ||||
Loans held-for-sale | 21,337 | 23,809 | ||||
Derivative assets | [2] | 4,350 | ||||
Junior subordinated debt | 0 | 0 | [1] | |||
Derivative liabilities | 100,067 | [2] | 64,785 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 10,552 | 10,060 | ||||
Loans held-for-sale | 0 | 0 | ||||
Derivative assets | 0 | [2] | 0 | [3] | ||
Junior subordinated debt | 49,314 | 46,928 | [1] | |||
Derivative liabilities | 0 | [2] | 0 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities measured at fair value | 1,279 | 1,481 | ||||
Securities available for sale | 1,395,685 | 1,170,221 | ||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities measured at fair value | 0 | 0 | ||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities measured at fair value | 1,279 | 1,481 | ||||
Securities available for sale | 1,395,685 | 1,170,221 | ||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities measured at fair value | 0 | 0 | ||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 10,552 | 10,060 | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 10,552 | 10,060 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 126,595 | 19,114 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 126,595 | 19,114 | ||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 25,628 | 13,251 | ||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 20,000 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 5,628 | 13,251 | ||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 37,753 | 34,685 | ||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 37,753 | 34,685 | ||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 403,417 | 334,830 | ||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 403,417 | 334,830 | ||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 110,479 | 111,236 | ||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 110,479 | 111,236 | ||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 4,691 | |||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 4,691 | |||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 463,091 | 257,128 | ||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 463,091 | 257,128 | ||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 24,445 | 24,314 | ||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 24,445 | 24,314 | ||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Agency Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 59,001 | |||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Agency Securities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | |||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Agency Securities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 59,001 | |||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Agency Securities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | |||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 2,536 | 2,993 | ||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 0 | 2,993 | ||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | 2,536 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available for sale | $ 0 | $ 0 | ||||
[1] | Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. | |||||
[2] | Derivative assets and liabilities relate to interest rate swaps, see "Note 9. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a net positive value of $106,503 and the net carrying value of subordinated debt includes a net negative value of $4,350 as of September 30, 2016, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. | |||||
[3] | Derivative assets and liabilities relate to interest rate swaps, see "Note 9. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a positive value of $64,184 and the net carrying value of subordinated debt includes a net negative value of $3,569 as of December 31, 2015, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. |
Fair Value Accounting - Change
Fair Value Accounting - Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 369 | (594) | 492 | (1,235) | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |||||||
Junior subordinated debt | [1] | $ 46,928 | |||||
Securities available for sale | 2,659,182 | 2,659,182 | 1,982,523 | ||||
Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |||||||
Junior subordinated debt | 49,314 | 49,314 | |||||
Securities available for sale | 2,659,182 | 2,659,182 | 1,982,523 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |||||||
Junior subordinated debt | 49,314 | 49,314 | 46,928 | [1] | |||
Securities available for sale | 10,552 | 10,552 | 10,060 | ||||
Available-for-sale Securities [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |||||||
Securities available for sale | 10,552 | $ 10,552 | $ 10,060 | ||||
Junior subordinated debt, Valuation Technique | S&P Model | S&P Model | |||||
Junior subordinated debt, Significant Unobservable Inputs | Pricing indications from comparable securities | Pricing indications from comparable securities | |||||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 10,183 | 10,804 | $ 10,060 | 11,445 | $ 11,445 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 10,552 | 10,210 | 10,552 | 10,210 | $ 10,060 | ||
Junior Subordinated Debt [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) in OCI | (4,604) | 5,325 | $ (2,386) | (2,720) | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |||||||
Junior subordinated debt, Input Value | 5.65% | 5.67% | |||||
Junior Subordinated Debt [Member] | Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract] | |||||||
Junior subordinated debt | 49,314 | $ 49,314 | $ 46,928 | ||||
Junior subordinated debt, Valuation Technique | Discounted cash flow | Discounted cash flow | |||||
Junior subordinated debt, Significant Unobservable Inputs | Implied credit rating of the Company | Adjusted Corporate Bond over Treasury Index with comparable credit spread | |||||
Junior Subordinated Debt [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||||||
Beginning balance | (44,710) | (48,482) | $ (46,928) | (40,437) | $ (40,437) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 0 | 0 | |||
Closing balance | $ (49,314) | $ (43,157) | $ (49,314) | $ (43,157) | $ (46,928) | ||
[1] | Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. |
Fair Value Accounting - Assets
Fair Value Accounting - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans with an allowance recorded | [1] | $ 13,409 | $ 24,287 |
Impaired loans with no allowance recorded | [2] | 91,346 | 104,587 |
Other assets acquired through foreclosure | 49,600 | 43,900 | |
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Aggregate carrying amount of impaired loans | 104,755 | 128,874 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans with an allowance recorded | 13,400 | 24,300 | |
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Aggregate carrying amount of impaired loans | [3] | 67,400 | 86,400 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans with an allowance recorded | 8,634 | 19,629 | |
Impaired loans with no allowance recorded | [3] | 58,810 | 66,754 |
Other assets acquired through foreclosure | 49,619 | 43,942 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | [3] | 0 | 0 |
Other assets acquired through foreclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans with an allowance recorded | 0 | 0 | |
Impaired loans with no allowance recorded | [3] | 0 | 0 |
Other assets acquired through foreclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans with an allowance recorded | 8,634 | 19,629 | |
Impaired loans with no allowance recorded | [3] | 58,810 | 66,754 |
Other assets acquired through foreclosure | 49,619 | 43,942 | |
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Aggregate carrying amount of impaired loans | $ 67,444 | $ 86,383 | |
Loans and Finance Receivables [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Discounted cash flow method | Discounted cash flow method | |
Loans and Finance Receivables [Member] | Collateral Method [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Collateral method | Collateral method | |
Loans and Finance Receivables [Member] | Third Party Appraisal [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Third party appraisal | Third party appraisal | |
Fair Value Measurements, Significant Assumptions | Costs to sell | Costs to sell | |
Loans and Finance Receivables [Member] | Third Party Appraisal [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, cost to sell (percent) | 4.00% | 4.00% | |
Loans and Finance Receivables [Member] | Third Party Appraisal [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, cost to sell (percent) | 10.00% | 10.00% | |
Loans and Finance Receivables [Member] | Discount Rate [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Discount rate | Discount rate | |
Fair Value Measurements, Significant Assumptions | Contractual loan rate | Contractual loan rate | |
Loans and Finance Receivables [Member] | Discount Rate [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, contractual loan rate (percent) | 4.00% | 4.00% | |
Loans and Finance Receivables [Member] | Discount Rate [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, contractual loan rate (percent) | 7.00% | 7.00% | |
Loans and Finance Receivables [Member] | Scheduled Cash Collections [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Scheduled cash collections | Scheduled cash collections | |
Fair Value Measurements, Significant Assumptions | Loss given default | Loss given default | |
Loans and Finance Receivables [Member] | Scheduled Cash Collections [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, loss given default (percent) | 0.00% | 0.00% | |
Loans and Finance Receivables [Member] | Scheduled Cash Collections [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, loss given default (percent) | 20.00% | 20.00% | |
Loans and Finance Receivables [Member] | Proceeds from Non-Real Estate Collateral [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Proceeds from non-real estate collateral | Proceeds from non-real estate collateral | |
Fair Value Measurements, Significant Assumptions | Loss given default | Loss given default | |
Loans and Finance Receivables [Member] | Proceeds from Non-Real Estate Collateral [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, loss given default (percent) | 0.00% | 0.00% | |
Loans and Finance Receivables [Member] | Proceeds from Non-Real Estate Collateral [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, loss given default (percent) | 70.00% | 70.00% | |
Other Assets [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Collateral method | Collateral method | |
Other Assets [Member] | Third Party Appraisal [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Junior subordinated debt, Valuation Technique | Third party appraisal | Third party appraisal | |
Fair Value Measurements, Significant Assumptions | Costs to sell | Costs to sell | |
Other Assets [Member] | Third Party Appraisal [Member] | Minimum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, cost to sell (percent) | 4.00% | 4.00% | |
Other Assets [Member] | Third Party Appraisal [Member] | Maximum [Member] | Level 3 [Member] | |||
Fair Value Measurements, Nonrecurring Value Measurement [Abstract] | |||
Fair value assumptions, cost to sell (percent) | 10.00% | 10.00% | |
[1] | Includes TDR loans of $0.5 million and $3.0 million at September 30, 2016 and December 31, 2015, respectively. | ||
[2] | Includes TDR loans of $59.5 million and $85.9 million at September 30, 2016 and December 31, 2015, respectively. | ||
[3] | Excludes loan balances with charge-offs of $32.5 million and $37.8 million as of September 30, 2016 and December 31, 2015, respectively. |
Fair Value Accounting - Estimat
Fair Value Accounting - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |||
Financial assets | ||||||
Investment securities - HTM, at amortized cost | $ 52,421 | $ 0 | ||||
Securities available for sale | 2,659,182 | 1,982,523 | ||||
Securities measured at fair value | 1,279 | 1,481 | ||||
Derivative assets | 3,569 | $ 4,009 | ||||
Loans, net | 12,889,378 | 10,993,786 | ||||
Financial liabilities | ||||||
Deposits | 14,443,160 | 12,030,624 | ||||
Customer repurchases | 44,372 | 38,155 | ||||
FHLB and FRB advances | 0 | 150,000 | ||||
Junior subordinated debt | [1] | 46,928 | ||||
Derivative liabilities | 100,067 | 64,785 | $ 70,391 | |||
Fair Value, Measurements, Recurring [Member] | ||||||
Financial assets | ||||||
Securities available for sale | 2,659,182 | 1,982,523 | ||||
Derivative assets | 4,350 | [2] | 3,569 | [3] | ||
Financial liabilities | ||||||
Junior subordinated debt | 49,314 | |||||
Derivative liabilities | 100,067 | [2] | 64,785 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||
Financial assets | ||||||
Securities available for sale | 168,232 | 148,914 | ||||
Derivative assets | 0 | [2] | 0 | [3] | ||
Financial liabilities | ||||||
Junior subordinated debt | 0 | 0 | [1] | |||
Derivative liabilities | 0 | [2] | 0 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||
Financial assets | ||||||
Securities available for sale | 2,480,398 | 1,823,549 | ||||
Derivative assets | [2] | 4,350 | ||||
Financial liabilities | ||||||
Junior subordinated debt | 0 | 0 | [1] | |||
Derivative liabilities | 100,067 | [2] | 64,785 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||
Financial assets | ||||||
Securities available for sale | 10,552 | 10,060 | ||||
Derivative assets | 0 | [2] | 0 | [3] | ||
Financial liabilities | ||||||
Junior subordinated debt | 49,314 | 46,928 | [1] | |||
Derivative liabilities | 0 | [2] | 0 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | ||||||
Financial assets | ||||||
Investment securities - HTM, at amortized cost | 52,421 | |||||
Securities available for sale | 2,659,182 | 1,982,523 | ||||
Securities measured at fair value | 1,279 | 1,481 | ||||
Derivative assets | 4,350 | 3,569 | ||||
Loans, net | 12,910,715 | 11,017,595 | ||||
Accrued interest receivable | 57,704 | 54,445 | ||||
Financial liabilities | ||||||
Deposits | 14,443,160 | 12,030,624 | ||||
Customer repurchases | 44,372 | 38,155 | ||||
FHLB advances | 150,000 | |||||
Junior subordinated debt | 382,932 | 210,328 | ||||
Derivative liabilities | 100,067 | 64,785 | ||||
Accrued interest payable | 9,722 | 13,626 | ||||
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | Level 2 [Member] | ||||||
Financial assets | ||||||
Derivative assets | 4,350 | 3,569 | [3] | |||
Financial liabilities | ||||||
Derivative liabilities | 106,503 | [2] | 64,184 | [3] | ||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ||||||
Financial assets | ||||||
Investment securities - HTM, at amortized cost | 55,717 | |||||
Securities available for sale | 2,659,182 | 1,982,523 | ||||
Securities measured at fair value | 1,279 | 1,481 | ||||
Derivative assets | 4,350 | 3,569 | ||||
Loans, net | 12,652,736 | 10,853,209 | ||||
Accrued interest receivable | 57,704 | 54,445 | ||||
Financial liabilities | ||||||
Deposits | 14,446,965 | 12,034,199 | ||||
Customer repurchases | 44,372 | 38,155 | ||||
FHLB advances | 150,000 | |||||
Junior subordinated debt | 389,752 | 207,437 | ||||
Derivative liabilities | 100,067 | 64,785 | ||||
Accrued interest payable | 9,722 | 13,626 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | ||||||
Financial assets | ||||||
Investment securities - HTM, at amortized cost | 0 | |||||
Securities available for sale | 168,232 | 148,914 | ||||
Securities measured at fair value | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Loans, net | 0 | 0 | ||||
Accrued interest receivable | 0 | 0 | ||||
Financial liabilities | ||||||
Deposits | 0 | 0 | ||||
Customer repurchases | 0 | 0 | ||||
FHLB advances | 0 | |||||
Junior subordinated debt | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Accrued interest payable | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | ||||||
Financial assets | ||||||
Investment securities - HTM, at amortized cost | 55,717 | |||||
Securities available for sale | 2,480,398 | 1,823,549 | ||||
Securities measured at fair value | 1,279 | 1,481 | ||||
Derivative assets | 4,350 | 3,569 | ||||
Loans, net | 12,585,292 | 10,766,826 | ||||
Accrued interest receivable | 57,704 | 54,445 | ||||
Financial liabilities | ||||||
Deposits | 14,446,965 | 12,034,199 | ||||
Customer repurchases | 44,372 | 38,155 | ||||
FHLB advances | 150,000 | |||||
Junior subordinated debt | 0 | 0 | ||||
Derivative liabilities | 100,067 | 64,785 | ||||
Accrued interest payable | 9,722 | 13,626 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | ||||||
Financial assets | ||||||
Investment securities - HTM, at amortized cost | 0 | |||||
Securities available for sale | 10,552 | 10,060 | ||||
Securities measured at fair value | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Loans, net | 67,444 | 86,383 | ||||
Accrued interest receivable | 0 | 0 | ||||
Financial liabilities | ||||||
Deposits | 0 | 0 | ||||
Customer repurchases | 0 | 0 | ||||
FHLB advances | 0 | |||||
Junior subordinated debt | 389,752 | 207,437 | ||||
Derivative liabilities | 0 | 0 | ||||
Accrued interest payable | $ 0 | $ 0 | ||||
[1] | Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. | |||||
[2] | Derivative assets and liabilities relate to interest rate swaps, see "Note 9. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a net positive value of $106,503 and the net carrying value of subordinated debt includes a net negative value of $4,350 as of September 30, 2016, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. | |||||
[3] | Derivative assets and liabilities relate to interest rate swaps, see "Note 9. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a positive value of $64,184 and the net carrying value of subordinated debt includes a net negative value of $3,569 as of December 31, 2015, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. |
Segments - Operating Segment In
Segments - Operating Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | [1] | |
Operating Statistics [Line Items] | |||||||
Assets | $ 17,042,602 | $ 17,042,602 | $ 14,275,089 | ||||
Cash, Cash Equivalents and Investment Securities | 3,134,200 | 3,134,200 | 2,266,800 | ||||
Loans, net of deferred loan fees and costs | 13,033,600 | 13,033,600 | 11,136,700 | ||||
Less: allowance for credit losses | (122,884) | (122,884) | (119,068) | ||||
Total loans held for investment | 12,910,700 | 12,910,700 | 11,017,600 | ||||
Intangible Assets, Net (Including Goodwill) | 303,600 | 303,600 | 305,400 | ||||
Other Assets Segment | 644,500 | 644,500 | 641,400 | ||||
Deposits | 14,443,160 | 14,443,160 | 12,030,624 | ||||
Other borrowings | 382,900 | 382,900 | 360,300 | ||||
Stockholders' equity | 1,857,354 | $ 1,583,697 | 1,857,354 | $ 1,583,697 | 1,591,502 | $ 1,000,928 | |
Net interest income | 172,547 | 137,407 | 481,944 | 349,233 | |||
Provision for credit losses | 2,000 | 0 | 7,000 | 700 | |||
Net interest income after provision for credit losses | 170,547 | 137,407 | 474,944 | 348,533 | |||
Non-interest income | 10,683 | 8,502 | 32,375 | 20,289 | |||
Non-interest expense | (85,007) | (72,916) | (242,304) | (188,158) | |||
Income before provision for income taxes | 96,223 | 72,993 | 265,015 | 180,664 | |||
Income tax expense (benefit) | 29,171 | 17,133 | 75,017 | 44,946 | |||
Net income | 67,052 | 55,860 | 189,998 | 135,718 | |||
Other Repossessed Assets | 49,600 | 49,600 | 43,900 | ||||
Other Liabilities Segment | 359,100 | 359,100 | 292,700 | ||||
Total liabilities | 15,185,248 | 15,185,248 | 12,683,587 | ||||
Liabilities and Equity | 17,042,602 | 17,042,602 | 14,275,089 | ||||
Excess Funds Provided (Used) Segment Basis | 0 | 0 | 0 | ||||
Reportable Geographical Components [Member] | ARIZONA | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 2,959,500 | 2,959,500 | 2,836,200 | ||||
Cash, Cash Equivalents and Investment Securities | 1,900 | 1,900 | 2,300 | ||||
Loans, net of deferred loan fees and costs | 2,938,000 | 2,938,000 | 2,811,700 | ||||
Less: allowance for credit losses | (30,500) | (30,500) | (30,100) | ||||
Total loans held for investment | 2,907,500 | 2,907,500 | 2,781,600 | ||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | ||||
Other Assets Segment | 43,300 | 43,300 | 43,900 | ||||
Deposits | 3,931,900 | 3,931,900 | 2,880,700 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 344,100 | 344,100 | 309,200 | ||||
Net interest income | 45,531 | 32,920 | 125,191 | 93,996 | |||
Provision for credit losses | 2,399 | 1,964 | 10,875 | 2,122 | |||
Net interest income after provision for credit losses | 43,132 | 30,956 | 114,316 | 91,874 | |||
Non-interest income | 1,180 | 962 | 5,749 | 2,909 | |||
Non-interest expense | (16,084) | (15,159) | (45,090) | (44,520) | |||
Income before provision for income taxes | 28,228 | 16,759 | 74,975 | 50,263 | |||
Income tax expense (benefit) | 11,074 | 6,574 | 29,413 | 19,718 | |||
Net income | 17,154 | 10,185 | 45,562 | 30,545 | |||
Other Repossessed Assets | 6,800 | 6,800 | 8,400 | ||||
Other Liabilities Segment | 13,200 | 13,200 | 12,200 | ||||
Total liabilities | 3,945,100 | 3,945,100 | 2,892,900 | ||||
Liabilities and Equity | 4,289,200 | 4,289,200 | 3,202,100 | ||||
Excess Funds Provided (Used) Segment Basis | 1,329,700 | 1,329,700 | 365,900 | ||||
Reportable Geographical Components [Member] | NEVADA | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 1,790,900 | 1,790,900 | 1,836,000 | ||||
Cash, Cash Equivalents and Investment Securities | 7,900 | 7,900 | 9,500 | ||||
Loans, net of deferred loan fees and costs | 1,697,300 | 1,697,300 | 1,737,200 | ||||
Less: allowance for credit losses | (18,500) | (18,500) | (18,600) | ||||
Total loans held for investment | 1,678,800 | 1,678,800 | 1,718,600 | ||||
Intangible Assets, Net (Including Goodwill) | 23,900 | 23,900 | 24,800 | ||||
Other Assets Segment | 59,900 | 59,900 | 62,300 | ||||
Deposits | 3,712,000 | 3,712,000 | 3,382,800 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 247,800 | 247,800 | 244,400 | ||||
Net interest income | 35,977 | 30,875 | 102,016 | 90,030 | |||
Provision for credit losses | (1,009) | (2,376) | (3,526) | (5,175) | |||
Net interest income after provision for credit losses | 36,986 | 33,251 | 105,542 | 95,205 | |||
Non-interest income | 2,264 | 2,199 | 6,420 | 6,852 | |||
Non-interest expense | (14,801) | (15,513) | (44,371) | (45,019) | |||
Income before provision for income taxes | 24,449 | 19,937 | 67,591 | 57,038 | |||
Income tax expense (benefit) | 8,557 | 6,978 | 23,657 | 19,963 | |||
Net income | 15,892 | 12,959 | 43,934 | 37,075 | |||
Other Repossessed Assets | 20,400 | 20,400 | 20,800 | ||||
Other Liabilities Segment | 30,700 | 30,700 | 29,000 | ||||
Total liabilities | 3,742,700 | 3,742,700 | 3,411,800 | ||||
Liabilities and Equity | 3,990,500 | 3,990,500 | 3,656,200 | ||||
Excess Funds Provided (Used) Segment Basis | 2,199,600 | 2,199,600 | 1,820,200 | ||||
Reportable Geographical Components [Member] | Southern California [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 1,831,600 | 1,831,600 | 1,761,200 | ||||
Cash, Cash Equivalents and Investment Securities | 1,900 | 1,900 | 2,400 | ||||
Loans, net of deferred loan fees and costs | 1,833,400 | 1,833,400 | 1,761,900 | ||||
Less: allowance for credit losses | (19,800) | (19,800) | (18,800) | ||||
Total loans held for investment | 1,813,600 | 1,813,600 | 1,743,100 | ||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | ||||
Other Assets Segment | 16,100 | 16,100 | 15,700 | ||||
Deposits | 2,255,000 | 2,255,000 | 1,902,500 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 205,800 | 205,800 | 191,300 | ||||
Net interest income | 26,488 | 24,146 | 76,719 | 70,706 | |||
Provision for credit losses | (105) | (442) | 145 | (176) | |||
Net interest income after provision for credit losses | 26,593 | 24,588 | 76,574 | 70,882 | |||
Non-interest income | 686 | 586 | 1,907 | 2,101 | |||
Non-interest expense | (11,532) | (11,910) | (33,401) | (35,389) | |||
Income before provision for income taxes | 15,747 | 13,264 | 45,080 | 37,594 | |||
Income tax expense (benefit) | 6,621 | 5,577 | 18,956 | 15,808 | |||
Net income | 9,126 | 7,687 | 26,124 | 21,786 | |||
Other Repossessed Assets | 0 | 0 | 0 | ||||
Other Liabilities Segment | 11,100 | 11,100 | 7,800 | ||||
Total liabilities | 2,266,100 | 2,266,100 | 1,910,300 | ||||
Liabilities and Equity | 2,471,900 | 2,471,900 | 2,101,600 | ||||
Excess Funds Provided (Used) Segment Basis | 640,300 | 640,300 | 340,400 | ||||
Reportable Geographical Components [Member] | Northern California [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 1,237,000 | 1,237,000 | 1,352,700 | ||||
Cash, Cash Equivalents and Investment Securities | 1,300 | 1,300 | 2,400 | ||||
Loans, net of deferred loan fees and costs | 1,072,100 | 1,072,100 | 1,188,400 | ||||
Less: allowance for credit losses | (9,100) | (9,100) | (12,700) | ||||
Total loans held for investment | 1,063,000 | 1,063,000 | 1,175,700 | ||||
Intangible Assets, Net (Including Goodwill) | 157,800 | 157,800 | 158,200 | ||||
Other Assets Segment | 14,600 | 14,600 | 16,100 | ||||
Deposits | 1,505,000 | 1,505,000 | 1,541,100 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 281,700 | 281,700 | 293,200 | ||||
Net interest income | 22,181 | 24,012 | 67,272 | 33,681 | |||
Provision for credit losses | 144 | 1,390 | 2,112 | 1,876 | |||
Net interest income after provision for credit losses | 22,037 | 22,622 | 65,160 | 31,805 | |||
Non-interest income | 2,916 | 2,484 | 7,858 | 2,806 | |||
Non-interest expense | (12,706) | (12,846) | (40,154) | (16,776) | |||
Income before provision for income taxes | 12,247 | 12,260 | 32,864 | 17,835 | |||
Income tax expense (benefit) | 5,150 | 5,156 | 13,819 | 7,500 | |||
Net income | 7,097 | 7,104 | 19,045 | 10,335 | |||
Other Repossessed Assets | 300 | 300 | 300 | ||||
Other Liabilities Segment | 15,800 | 15,800 | 11,200 | ||||
Total liabilities | 1,520,800 | 1,520,800 | 1,552,300 | ||||
Liabilities and Equity | 1,802,500 | 1,802,500 | 1,845,500 | ||||
Excess Funds Provided (Used) Segment Basis | 565,500 | 565,500 | 492,800 | ||||
Operating Segments [Member] | HOA Services [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 105,500 | 105,500 | 87,700 | ||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | ||||
Loans, net of deferred loan fees and costs | 106,400 | 106,400 | 88,400 | ||||
Less: allowance for credit losses | (1,200) | (1,200) | (900) | ||||
Total loans held for investment | 105,200 | 105,200 | 87,500 | ||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | ||||
Other Assets Segment | 300 | 300 | 200 | ||||
Deposits | 1,813,700 | 1,813,700 | 1,291,900 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 46,400 | 46,400 | 34,200 | ||||
Net interest income | 11,312 | 6,458 | 29,853 | 18,662 | |||
Provision for credit losses | 72 | 57 | 160 | 198 | |||
Net interest income after provision for credit losses | 11,240 | 6,401 | 29,693 | 18,464 | |||
Non-interest income | 125 | 83 | 340 | 236 | |||
Non-interest expense | (6,062) | (4,515) | (17,423) | (12,985) | |||
Income before provision for income taxes | 5,303 | 1,969 | 12,610 | 5,715 | |||
Income tax expense (benefit) | 1,989 | 738 | 4,729 | 2,143 | |||
Net income | 3,314 | 1,231 | 7,881 | 3,572 | |||
Other Repossessed Assets | 0 | 0 | 0 | ||||
Other Liabilities Segment | 900 | 900 | 500 | ||||
Total liabilities | 1,814,600 | 1,814,600 | 1,292,400 | ||||
Liabilities and Equity | 1,861,000 | 1,861,000 | 1,326,600 | ||||
Excess Funds Provided (Used) Segment Basis | 1,755,500 | 1,755,500 | 1,238,900 | ||||
Operating Segments [Member] | HFF Loan Portfolio [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 1,316,200 | 1,316,200 | |||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | |||||
Loans, net of deferred loan fees and costs | 1,311,200 | 1,311,200 | |||||
Less: allowance for credit losses | (600) | (600) | |||||
Total loans held for investment | 1,310,600 | 1,310,600 | |||||
Intangible Assets, Net (Including Goodwill) | 200 | 200 | |||||
Other Assets Segment | 5,400 | 5,400 | |||||
Deposits | 0 | 0 | |||||
Other borrowings | 0 | 0 | |||||
Stockholders' equity | 108,100 | 108,100 | |||||
Net interest income | 13,370 | 25,438 | |||||
Provision for credit losses | 0 | 0 | |||||
Net interest income after provision for credit losses | 13,370 | 25,438 | |||||
Non-interest income | 0 | 0 | |||||
Non-interest expense | (3,207) | (5,764) | |||||
Income before provision for income taxes | 10,163 | 19,674 | |||||
Income tax expense (benefit) | 3,811 | 7,378 | |||||
Net income | 6,352 | 12,296 | |||||
Other Repossessed Assets | 0 | 0 | |||||
Other Liabilities Segment | 1,200 | 1,200 | |||||
Total liabilities | 1,200 | 1,200 | |||||
Liabilities and Equity | 109,300 | 109,300 | |||||
Excess Funds Provided (Used) Segment Basis | (1,206,900) | (1,206,900) | |||||
Operating Segments [Member] | Public and Non-Profit Finance [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 1,441,900 | 1,441,900 | 1,457,300 | ||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | ||||
Loans, net of deferred loan fees and costs | 1,447,700 | 1,447,700 | 1,458,900 | ||||
Less: allowance for credit losses | (15,700) | (15,700) | (15,600) | ||||
Total loans held for investment | 1,432,000 | 1,432,000 | 1,443,300 | ||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | ||||
Other Assets Segment | 9,900 | 9,900 | 14,000 | ||||
Deposits | 0 | 0 | 0 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 86,200 | 86,200 | 87,800 | ||||
Net interest income | 5,012 | 5,050 | 15,259 | 14,534 | |||
Provision for credit losses | (315) | 473 | (509) | 2,579 | |||
Net interest income after provision for credit losses | 5,327 | 4,577 | 15,768 | 11,955 | |||
Non-interest income | 19 | 26 | 22 | 665 | |||
Non-interest expense | (1,974) | (1,419) | (5,927) | (4,056) | |||
Income before provision for income taxes | 3,372 | 3,184 | 9,863 | 8,564 | |||
Income tax expense (benefit) | 1,265 | 1,194 | 3,699 | 3,212 | |||
Net income | 2,107 | 1,990 | 6,164 | 5,352 | |||
Other Repossessed Assets | 0 | 0 | 0 | ||||
Other Liabilities Segment | 98,200 | 98,200 | 63,800 | ||||
Total liabilities | 98,200 | 98,200 | 63,800 | ||||
Liabilities and Equity | 184,400 | 184,400 | 151,600 | ||||
Excess Funds Provided (Used) Segment Basis | (1,257,500) | (1,257,500) | (1,305,700) | ||||
Operating Segments [Member] | Technology and Innovation [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 1,052,500 | 1,052,500 | 887,200 | ||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | ||||
Loans, net of deferred loan fees and costs | 934,600 | 934,600 | 770,300 | ||||
Less: allowance for credit losses | (8,700) | (8,700) | (8,200) | ||||
Total loans held for investment | 925,900 | 925,900 | 762,100 | ||||
Intangible Assets, Net (Including Goodwill) | 121,700 | 121,700 | 122,400 | ||||
Other Assets Segment | 4,900 | 4,900 | 2,700 | ||||
Deposits | 1,066,800 | 1,066,800 | 842,500 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 218,200 | 218,200 | 200,900 | ||||
Net interest income | 18,143 | 14,527 | 51,083 | 14,527 | |||
Provision for credit losses | (557) | 1,526 | (2,336) | 1,526 | |||
Net interest income after provision for credit losses | 18,700 | 13,001 | 53,419 | 13,001 | |||
Non-interest income | 1,871 | 1,157 | 4,623 | 1,157 | |||
Non-interest expense | (8,837) | (3,650) | (23,177) | (3,650) | |||
Income before provision for income taxes | 11,734 | 10,508 | 34,865 | 10,508 | |||
Income tax expense (benefit) | 4,400 | 3,941 | 13,074 | 3,941 | |||
Net income | 7,334 | 6,567 | 21,791 | 6,567 | |||
Other Repossessed Assets | 0 | 0 | 0 | ||||
Other Liabilities Segment | 200 | 200 | 0 | ||||
Total liabilities | 1,067,000 | 1,067,000 | 842,500 | ||||
Liabilities and Equity | 1,285,200 | 1,285,200 | 1,043,400 | ||||
Excess Funds Provided (Used) Segment Basis | 232,700 | 232,700 | 156,200 | ||||
Operating Segments [Member] | Other National Business Lines | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 1,666,800 | 1,666,800 | 1,278,000 | ||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | ||||
Loans, net of deferred loan fees and costs | 1,673,900 | 1,673,900 | 1,280,300 | ||||
Less: allowance for credit losses | (18,100) | (18,100) | (13,800) | ||||
Total loans held for investment | 1,655,800 | 1,655,800 | 1,266,500 | ||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | ||||
Other Assets Segment | 11,000 | 11,000 | 11,500 | ||||
Deposits | 0 | 0 | 0 | ||||
Other borrowings | 0 | 0 | 0 | ||||
Stockholders' equity | 139,000 | 139,000 | 105,700 | ||||
Net interest income | 12,060 | 11,312 | 35,220 | 37,366 | |||
Provision for credit losses | 1,372 | (2,544) | 3,309 | (2,131) | |||
Net interest income after provision for credit losses | 10,688 | 13,856 | 31,911 | 39,497 | |||
Non-interest income | 728 | 168 | 1,598 | 413 | |||
Non-interest expense | (3,972) | (3,541) | (11,007) | (11,257) | |||
Income before provision for income taxes | 7,444 | 10,483 | 22,502 | 28,653 | |||
Income tax expense (benefit) | 2,791 | 3,931 | 8,438 | 10,745 | |||
Net income | 4,653 | 6,552 | 14,064 | 17,908 | |||
Other Repossessed Assets | 0 | 0 | 0 | ||||
Other Liabilities Segment | 59,200 | 59,200 | 40,800 | ||||
Total liabilities | 59,200 | 59,200 | 40,800 | ||||
Liabilities and Equity | 198,200 | 198,200 | 146,500 | ||||
Excess Funds Provided (Used) Segment Basis | (1,468,600) | (1,468,600) | (1,131,500) | ||||
Corporate & Other | |||||||
Operating Statistics [Line Items] | |||||||
Assets | 3,640,700 | 3,640,700 | 2,778,800 | ||||
Cash, Cash Equivalents and Investment Securities | 3,121,200 | 3,121,200 | 2,250,200 | ||||
Loans, net of deferred loan fees and costs | 19,000 | 19,000 | 39,600 | ||||
Less: allowance for credit losses | (700) | (700) | (400) | ||||
Total loans held for investment | 18,300 | 18,300 | 39,200 | ||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | ||||
Other Assets Segment | 479,100 | 479,100 | 475,000 | ||||
Deposits | 158,800 | 158,800 | 189,100 | ||||
Other borrowings | 382,900 | 382,900 | 360,300 | ||||
Stockholders' equity | 180,100 | 180,100 | 124,800 | ||||
Net interest income | (17,527) | (11,893) | (46,107) | (24,269) | |||
Provision for credit losses | (1) | (48) | (3,230) | (119) | |||
Net interest income after provision for credit losses | (17,526) | (11,845) | (42,877) | (24,150) | |||
Non-interest income | 894 | 837 | 3,858 | 3,150 | |||
Non-interest expense | (5,832) | (4,363) | (15,990) | (14,506) | |||
Income before provision for income taxes | (22,464) | (15,371) | (55,009) | (35,506) | |||
Income tax expense (benefit) | (16,487) | (16,956) | (48,146) | (38,084) | |||
Net income | (5,977) | $ 1,585 | (6,863) | $ 2,578 | |||
Other Repossessed Assets | 22,100 | 22,100 | 14,400 | ||||
Other Liabilities Segment | 128,600 | 128,600 | 127,400 | ||||
Total liabilities | 670,300 | 670,300 | 676,800 | ||||
Liabilities and Equity | 850,400 | 850,400 | 801,600 | ||||
Excess Funds Provided (Used) Segment Basis | $ (2,790,300) | $ (2,790,300) | $ (1,977,200) | ||||
Minimum [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Equity capital allocation weight (percent) | 0.00% | 0.00% | |||||
Maximum [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Equity capital allocation weight (percent) | 12.00% | 12.00% | |||||
Goodwill [Member] | |||||||
Operating Statistics [Line Items] | |||||||
Equity capital allocation weight (percent) | 100.00% | 100.00% | |||||
[1] | As adjusted, see Treasury Shares section in "Note 1. Summary of Significant Accounting Policies" for further discussion. |
Mergers and Acquisitions - Iden
Mergers and Acquisitions - Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 20, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Business Acquisition [Line Items] | |||||
Total liabilities | $ 12,559 | $ 12,559 | $ 1,765,146 | ||
Goodwill | 289,967 | 289,967 | $ 289,638 | ||
GE Capital US Holdings, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition / restructure expenses related to purchase | $ 1,700 | $ 3,600 | |||
Loans | $ 1,280,997 | ||||
Other assets | 3,560 | ||||
Total assets | 1,284,557 | ||||
Other liabilities | 12,559 | ||||
Total liabilities | 12,559 | ||||
Net assets acquired | 1,271,998 | ||||
Cash | 1,272,187 | ||||
Goodwill | $ 189 |
Mergers and Acquisitions - Busi
Mergers and Acquisitions - Business Combination, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
GE Capital US Holdings, Inc. [Member] | |||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Interest income | $ 180,335 | $ 162,990 | $ 523,962 | $ 423,792 | |
Non-interest income | 10,683 | 8,502 | 32,375 | 20,289 | |
Net income available to common stockholders | [1] | $ 65,349 | $ 65,006 | $ 194,095 | $ 162,769 |
Earnings per share - basic (dollars per share) | $ 0.63 | $ 0.65 | $ 1.89 | $ 1.76 | |
Earnings per share - diluted (dollars per share) | $ 0.62 | $ 0.64 | $ 1.87 | $ 1.75 | |
Bridge Capital Holdings [Member] | |||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||
Interest income | $ 141,386 | $ 412,888 | |||
Non-interest income | 13,826 | 24,873 | |||
Net income available to common stockholders | [1] | $ 56,791 | $ 147,163 | ||
Earnings per share - basic (dollars per share) | $ 0.56 | $ 1.39 | |||
Earnings per share - diluted (dollars per share) | $ 0.56 | $ 1.37 | |||
[1] | Excludes acquisition / restructure related costs incurred by the Company and by Bridge of $0.8 million and $8.8 million for the three and nine months ended September 30, 2015, respectively, and acquisition / restructure related costs incurred by Bridge of zero and $6.8 million for the three and nine months ended September 30, 2015, respectively, and related tax effects. |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Operating Results of Discontinued Operations (Detail) $ / shares in Units, $ in Thousands | Apr. 20, 2016USD ($) | Jun. 30, 2015USD ($)$ / shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($)shares | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($)shares | Dec. 31, 2015shares |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Common stock, shares issued (shares) | shares | 106,367,895 | 106,367,895 | 104,082,230 | |||||
Measurement period adjustments identified | $ 1,500 | |||||||
Acquisition / restructure expense | $ 2,729 | $ 835 | $ 6,391 | $ 8,836 | ||||
GE Capital US Holdings, Inc. [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash | $ 1,272,187 | |||||||
Bridge Capital Holdings [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Stock exchange ratio | 0.8145 | |||||||
Additional cash consideration on stock exchange (dollars per share) | $ / shares | $ 2.39 | |||||||
Cash | $ 36,500 | |||||||
Common stock, shares issued (shares) | shares | 12,500,000 | 12,500,000 | ||||||
Acquisition / restructure expense | $ 0 | $ 6,800 |